10-Q 1 b4121610q.htm BCTC IV DECEMBER 2016 10-Q Boston Capital Tax Credit Fund IV L

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended December 31, 2016
or
( )   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number        0-26200

 

BOSTON CAPITAL TAX CREDIT FUND IV L.P.
(Exact name of registrant as specified in its charter)

Delaware

04-3208648

(State or other jurisdiction

(I.R.S. Employer

of incorporation or organization)

Identification No.)

 

One Boston Place, Suite 2100, Boston, Massachusetts  02108
(Address of principal executive offices)    (Zip Code)

                   (617) 624-8900                   

(Registrant's telephone number, including area code)

 

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 ý

No 

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

Yes ý

No 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one):

 

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company ý

 

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

 

Yes 

No ý

 

 

 

 

 

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

 

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2016

 

TABLE OF CONTENTS

 

PART I FINANCIAL INFORMATION

 
   

        Pages

 

Item 1. Condensed Financial Statements

     
   

Condensed Balance Sheets

3-30

   

Condensed Statements of Operations

31-86

   

Condensed Statements of Changes in 

Partners' Capital (Deficit)


87-96

   

Condensed Statements of Cash Flows

97-124

   

Notes to Condensed Financial Statements

125-160

     

Item 2. Management's Discussion and Analysis of 
        Financial Condition and Results of Operations


161-217

     
 

Item 3. Quantitative and Qualitative Disclosures About         Market Risk


218

     
 

Item 4. Controls and Procedures

218

     

PART II OTHER INFORMATION

 
     

Item 1. Legal Proceedings

219

     
 

Item 1A. Risk Factors

219

     
 

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


219

     
 

Item 3. Defaults Upon Senior Securities

219

     
 

Item 4. Mine Safety Disclosures

219

     
 

Item 5. Other Information

219

     
 

Item 6. Exhibits

219

 

Signatures

220

     

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

CONDENSED BALANCE SHEETS

(Unaudited)


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

24,880,213

$

21,728,069

Notes receivable

22,790

22,790

Other assets

787,720

164,773

$

25,690,723

$

21,915,632

LIABILITIES

Accounts payable and accrued expenses

$

715,373

$

685,806

Accounts payable affiliates (Note C)

41,841,584

49,270,814

Capital contributions payable

578,113

578,113

43,135,070

50,534,733

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
83,651,080 issued and 83,428,546
outstanding as of December 31, 2016
and March 31, 2016.






(10,227,374)







(21,290,383)

General Partner

(7,216,973)

(7,328,718)

(17,444,347)

(28,619,101)

$

25,690,723

$

21,915,632

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 20


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

288,623

$

180,896

Notes receivable

-

-

Other assets

-

-

$

288,623

$

180,896

LIABILITIES

Accounts payable and accrued expenses

$

3,000

$

-

Accounts payable affiliates (Note C)

1,461,367

1,442,059

Capital contributions payable

-

-

1,464,367

1,442,059

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
3,866,700 issued and 3,843,500
outstanding as of December 31, 2016
and March 31, 2016.






(855,734)






(940,299)

General Partner

(320,010)

(320,864)

(1,175,744)

(1,261,163)

$

288,623

$

180,896

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

 

Series 21

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

250,462

$

425,168

Notes receivable

-

-

Other assets

-

-

$

250,462

$

425,168

LIABILITIES

Accounts payable and accrued expenses

$

-

$

-

Accounts payable affiliates (Note C)

1,318,519

1,460,365

Capital contributions payable

-

-

1,318,519

1,460,365

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
1,892,700 issued and 1,881,000
outstanding as of December 31, 2016
and March 31, 2016.






(895,425)







(862,894)

General Partner

(172,632)

(172,303)

(1,068,057)

(1,035,197)

$

250,462

$

425,168

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 22

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

263,059

$

295,650

Notes receivable

-

-

Other assets

-

-

$

263,059

$

295,650

LIABILITIES

Accounts payable and accrued expenses

$

-

$

-

Accounts payable affiliates (Note C)

2,841,595

2,819,689

Capital contributions payable

-

-

2,841,595

2,819,689

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,564,400 issued and 2,559,800
outstanding as of December 31, 2016
and March 31, 2016.






(2,333,667)






(2,279,715)

General Partner

(244,869)

(244,324)

(2,578,536)

(2,524,039)

$

263,059

$

295,650

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 23

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

188,162

$

219,677

Notes receivable

-

-

Other assets

-

-

$

188,162

$

219,677

LIABILITIES

Accounts payable and accrued expenses

$

-

$

-

Accounts payable affiliates (Note C)

2,080,404

2,052,312

Capital contributions payable

-

-

2,080,404

2,052,312

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
3,336,727 issued and 3,323,327
outstanding as of December 31, 2016
and March 31, 2016.






(1,588,473)






(1,529,462)

General Partner

(303,769)

(303,173)

(1,892,242)

(1,832,635)

$

188,162

$

219,677


The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 24


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

443,105

$

502,552

Notes receivable

-

-

Other assets

-

-

$

443,105

$

502,552

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 2,158,878
outstanding as of December 31, 2016
and March 31, 2016.






617,925






676,778

General Partner

(174,820)

(174,226)

443,105

502,552

$

443,105

$

502,552

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 25

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

361,931

$

395,797

Notes receivable

-

-

Other assets

1,250

1,250

$

363,181

$

397,047

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 3,020,309
outstanding as of December 31, 2016
and March 31, 2016.






583,166






616,693

General Partner

(219,985)

(219,646)

363,181

397,047

$

363,181

$

397,047

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 26

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

719,239

$

809,362

Notes receivable

-

-

Other assets

-

-

$

719,239

$

809,362

LIABILITIES

Accounts payable and accrued expenses

$

4,000

$

4,960

Accounts payable affiliates (Note C)

-

-

Capital contributions payable

-

-

4,000

4,960

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
3,995,900 issued and 3,983,600
outstanding as of December 31, 2016
and March 31, 2016.






1,026,430






1,114,701

General Partner

(311,191)

(310,299)

715,239

804,402

$

719,239

$

809,362

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 27

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

3,737,462

$

899,636

Notes receivable

-

-

Other assets

-

-

$

3,737,462

$

899,636

LIABILITIES

Accounts payable and accrued expenses

$

4,000

$

-

Accounts payable affiliates (Note C)

-

-

Capital contributions payable

-

-

4,000

-

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,460,700 issued and 2,453,500
outstanding as of December 31, 2016
and March 31, 2016.






3,902,575






1,097,087

General Partner

(169,113)

(197,451)

3,733,462

899,636

$

3,737,462

$

899,636

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 28

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

834,840

$

884,427

Notes receivable

-

-

Other assets

-

-

$

834,840

$

884,427

LIABILITIES

Accounts payable and accrued expenses

$

-

$

7,500

Accounts payable affiliates (Note C)

-

-

Capital contributions payable

-

-

-

7,500

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
4,000,738 issued and 3,994,238
outstanding as of December 31, 2016
and March 31, 2016.






1,108,329






1,149,995

General Partner

(273,489)

(273,068)

834,840

876,927

$

834,840

$

884,427

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 29

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

388,719

$

618,758

Notes receivable

-

-

Other assets

-

-

$

388,719

$

618,758

LIABILITIES

Accounts payable and accrued expenses

$

-

$

-

Accounts payable affiliates (Note C)

3,486,645

3,578,505

Capital contributions payable

8,235

8,235

3,494,880

3,586,740

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
3,991,800 issued and 3,980,400
outstanding as of December 31, 2016
and March 31, 2016.






(2,736,452)






(2,599,655)

General Partner

(369,709)

(368,327)

(3,106,161)

(2,967,982)

$

388,719

$

618,758

 

The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 30

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

280,464

$

304,293

Notes receivable

-

-

Other assets

-

-

$

280,464

$

304,293

LIABILITIES

Accounts payable and accrued expenses

$

-

$

-

Accounts payable affiliates (Note C)

1,624,555

1,572,292

Capital contributions payable

105,139

105,139

1,729,694

1,677,431

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,651,000 issued and 2,636,000
outstanding as of December 31, 2016
and March 31, 2016.






(1,207,682)






(1,132,351)

General Partner

(241,548)

(240,787)

(1,449,230)

(1,373,138)

$

280,464

$

304,293


The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 31

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

1,366,745

$

1,351,761

Notes receivable

-

-

Other assets

647,947

25,000

$

2,014,692

$

1,376,761

LIABILITIES

Accounts payable and accrued expenses

$

-

$

3,000

Accounts payable affiliates (Note C)

-

-

Capital contributions payable

66,294

66,294

66,294

69,294

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
4,417,857 issued and 4,396,557
outstanding as of December 31, 2016
and March 31, 2016.






2,308,173






1,673,651

General Partner

(359,775)

(366,184)

1,948,398

1,307,467

$

2,014,692

$

1,376,761

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 32

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

324,111

$

1,061,685

Notes receivable

-

-

Other assets

-

-

$

324,111

$

1,061,685

LIABILITIES

Accounts payable and accrued expenses

$

2,500

$

7,000

Accounts payable affiliates (Note C)

2,738,505

3,366,055

Capital contributions payable

1,229

1,229

2,742,234

3,374,284

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
4,754,198 issued and 4,740,698
outstanding as of December 31, 2016
and March 31, 2016.






(1,987,579)






(1,883,110)

General Partner

(430,544)

(429,489)

(2,418,123)

(2,312,599)

$

324,111

$

1,061,685

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 33

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

346,473

$

1,266,455

Notes receivable

-

-

Other assets

-

-

$

346,473

$

1,266,455

LIABILITIES

Accounts payable and accrued expenses

$

-

$

-

Accounts payable affiliates (Note C)

1,174,430

2,025,236

Capital contributions payable

69,154

69,154

1,243,584

2,094,390

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,636,533 issued and 2,628,033
outstanding as of December 31, 2016
and March 31, 2016.






(662,360)






(593,876)

General Partner

(234,751)

(234,059)

(897,111)

(827,935)

$

346,473

$

1,266,455

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 34

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

890,801

$

674,173

Notes receivable

-

-

Other assets

-

-

$

890,801

$

674,173

LIABILITIES

Accounts payable and accrued expenses

$

4,230

$

-

Accounts payable affiliates (Note C)

3,237,232

3,603,434

Capital contributions payable

-

-

3,241,462

3,603,434

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
3,529,319 issued and 3,523,019
outstanding as of December 31, 2016
and March 31, 2016.






(2,026,765)






(2,599,579)

General Partner

(323,896)

(329,682)

(2,350,661)

(2,929,261)

$

890,801

$

674,173

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 35

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

2,792,763

$

1,693,223

Notes receivable

-

-

Other assets

-

-

$

2,792,763

$

1,693,223

LIABILITIES

Accounts payable and accrued expenses

$

1,770

$

-

Accounts payable affiliates (Note C)

1,107,655

2,494,235

Capital contributions payable

-

-

1,109,425

2,494,235

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
3,300,463 issued and 3,293,763
outstanding as of December 31, 2016
and March 31, 2016.






1,948,530






(510,977)

General Partner

(265,192)

(290,035)

1,683,338

(801,012)

$

2,792,763

$

1,693,223

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 36

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

2,929,662

$

979,340

Notes receivable

-

-

Other assets

-

-

$

2,929,662

$

979,340

LIABILITIES

Accounts payable and accrued expenses

$

131,000

$

133,500

Accounts payable affiliates (Note C)

759,879

1,292,536

Capital contributions payable

-

-

890,879

1,426,036

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,106,838 issued and 2,098,204
outstanding as of December 31, 2016
and March 31, 2016.






2,197,058






(263,566)

General Partner

(158,275)

(183,130)

2,038,783

(446,696)

$

2,929,662

$

979,340

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 37

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

2,263,922

$

340,689

Notes receivable

-

-

Other assets

-

-

$

2,263,922

$

340,689

LIABILITIES

Accounts payable and accrued expenses

$

-

$

-

Accounts payable affiliates (Note C)

2,601,586

2,501,407

Capital contributions payable

138,438

138,438

2,740,024

2,639,845

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,512,500 issued and 2,507,500
outstanding as of December 31, 2016
and March 31, 2016.






(255,777)






(2,060,600)

General Partner

(220,325)

(238,556)

(476,102)

(2,299,156)

$

2,263,922

$

340,689

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 38

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

2,144,899

$

333,474

Notes receivable

-

-

Other assets

-

-

$

2,144,899

$

333,474

LIABILITIES

Accounts payable and accrued expenses

$

-

$

4,779

Accounts payable affiliates (Note C)

2,096,862

2,020,632

Capital contributions payable

-

-

2,096,862

2,025,411

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,543,100 issued and 2,540,100
outstanding as of December 31, 2016
and March 31, 2016.






265,841






(1,456,733)

General Partner

(217,804)

(235,204)

48,037

(1,691,937)

$

2,144,899

$

333,474

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 39

 

 

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

302,083

$

313,691

Notes receivable

-

-

Other assets

-

-

$

302,083

$

313,691

LIABILITIES

Accounts payable and accrued expenses

$

-

$

4,894

Accounts payable affiliates (Note C)

1,723,559

1,775,213

Capital contributions payable

-

-

1,723,559

1,780,107

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,292,151 issued and 2,290,151
outstanding as of December 31, 2016
and March 31, 2016.






(1,210,818)






(1,255,309)

General Partner

(210,658)

(211,107)

(1,421,476)

(1,466,416)

$

302,083

$

313,691

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 40

 

 

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

286,284

$

510,705

Notes receivable

-

-

Other assets

-

-

$

286,284

$

510,705

LIABILITIES

Accounts payable and accrued expenses

$

47,200

$

5,000

Accounts payable affiliates (Note C)

2,681,499

2,862,316

Capital contributions payable

102

102

2,728,801

2,867,418

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,630,256 issued and 2,623,756
outstanding as of December 31, 2016
and March 31, 2016.






(2,193,148)






(2,108,202)

General Partner

(249,369)

(248,511)

(2,442,517)

(2,356,713)

$

286,284

$

510,705

 

The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 41

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

204,205

$

331,029

Notes receivable

-

-

Other assets

1,218

1,218

$

205,423

$

332,247

LIABILITIES

Accounts payable and accrued expenses

$

-

$

-

Accounts payable affiliates (Note C)

3,230,107

3,161,663

Capital contributions payable

100

100

3,230,207

3,161,763

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,891,626 issued and 2,891,626
outstanding as of December 31, 2016
and March 31, 2016.






(2,745,367)






(2,552,052)

General Partner

(279,417)

(277,464)

(3,024,784)

(2,829,516)

$

205,423

$

332,247

 

The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 42

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

1,111,094

$

3,412,757

Notes receivable

22,790

22,790

Other assets

51,003

51,003

$

1,184,887

$

3,486,550

LIABILITIES

Accounts payable and accrued expenses

$

-

$

-

Accounts payable affiliates (Note C)

-

2,141,040

Capital contributions payable

73,433

73,433

73,433

2,214,473

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,744,262 issued and 2,736,262
outstanding as of December 31, 2016
and March 31, 2016.






1,341,277






1,500,294

General Partner

(229,823)

(228,217)

1,111,454

1,272,077

$

1,184,887

$

3,486,550

 

The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

 

Series 43

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

678,442

$

2,886,991

Notes receivable

-

-

Other assets

82,514

82,514

$

760,956

$

2,969,505

LIABILITIES

Accounts payable and accrued expenses

$

-

$

-

Accounts payable affiliates (Note C)

1,031,325

3,061,116

Capital contributions payable

99,265

99,265

1,130,590

3,160,381

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
3,637,987 issued and 3,637,987
outstanding as of December 31, 2016
and March 31, 2016.






(44,416)






132,554

General Partner

(325,218)

(323,430)

(369,634)

(190,876)

$

760,956

$

2,969,505

 

The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

 

Series 44

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

41,418

$

44,503

Notes receivable

-

-

Other assets

-

-

$

41,418

$

44,503

LIABILITIES

Accounts payable and accrued expenses

$

-

$

-

Accounts payable affiliates (Note C)

2,523,701

2,331,303

Capital contributions payable

-

-

2,523,701

2,331,303

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,701,973 issued and 2,699,973
outstanding as of December 31, 2016
and March 31, 2016.






(2,220,012)






(2,026,484)

General Partner

(262,271)

(260,316)

(2,482,283)

(2,286,800)

$

41,418

$

44,503

 

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

 

Series 45

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

791,302

$

748,100

Notes receivable

-

-

Other assets

-

-

$

791,302

$

748,100

LIABILITIES

Accounts payable and accrued expenses

$

517,673

$

515,173

Accounts payable affiliates (Note C)

2,287,487

2,058,519

Capital contributions payable

16,724

16,724

2,821,884

2,590,416

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
4,014,367 issued and 4,014,367
outstanding as of December 31, 2016
and March 31, 2016.






(1,656,614)






(1,470,231)

General Partner

(373,968)

(372,085)

(2,030,582)

(1,842,316)

$

791,302

$

748,100


The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

 

Series 46

 


December 31,
2016


March 31,
2016

ASSETS

Cash and cash equivalents

$

649,943

$

243,277

Notes receivable

-

-

Other assets

3,788

3,788

$

653,731

$

247,065

LIABILITIES

Accounts payable and accrued expenses

$

-

$

-

Accounts payable affiliates (Note C)

1,834,672

1,650,887

Capital contributions payable

-

-

1,834,672

1,650,887

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,980,998 issued and 2,971,998
outstanding as of December 31, 2016
and March 31, 2016.






(906,389)






(1,127,041)

General Partner

(274,552)

(276,781)

(1,180,941)

(1,403,822)

$

653,731

$

247,065

 

The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

 

 

 

 

   

2016

 

2015

Income

       

Interest income

$

12,779

$

31,750

Other income

 

26,607

 

223,025

39,386

254,775

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


3,579,666

 


2,054,852

         

Expenses

       

Professional fees

 

67,759

 

27,348

Fund management fee, net (Note C) 

 

661,511

 

699,968

General and administrative expenses

 

210,384

 

176,383

   

939,654

 

903,699

         

NET INCOME (LOSS)

$

2,679,398

$

1,405,928

         

Net income (loss) allocated to 
assignees


$


2,652,602


$


1,391,869

         

Net income (loss) allocated to general
partner


$


26,796


$


14,059

         

Net income (loss) per BAC

$

.03

$

.02



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 20

 

 

   

2016

 

2015

Income

Interest income

$

113

$

138

Other income

 

-

 

64

   

113

 

202

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

1,425

 

775

Fund management fee, net (Note C) 

 

5,202

 

5,473

General and administrative expenses

 

9,204

 

7,284

   

15,831

 

13,532

         

NET INCOME (LOSS)

$

(15,718)

$

(13,330)

         

Net income (loss) allocated to 
assignees


$


(15,561)


$


(13,197)

         

Net income (loss) allocated to general
partner


$


(157)


$


(133)

         

Net income (loss) per BAC

$

(.00)

$

(.00)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 21

 

 

 

2016

2015

Income

       

Interest income

$

106

$

313

Other income

 

-

 

859

   

106

 

1,172

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

734

 

775

Fund management fee, net (Note C) 

 

2,718

 

2,718

General and administrative expenses

 

5,558

 

4,546

   

9,010

 

8,039

         

NET INCOME (LOSS)

$

(8,904)

$

(6,867)

         

Net income (loss) allocated to 
assignees


$


(8,815)


$


(6,798)

         

Net income (loss) allocated to general
partner


$


(89)


$


(69)

         

Net income (loss) per BAC

$

(.00)

$

(.00)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 22

 

 

 

   

2016

 

2015

Income

       

Interest income

$

86

$

103

Other income

 

-

 

-

   

86

 

103

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

1,020

 

775

Fund management fee, net (Note C) 

 

7,302

 

8,363

General and administrative expenses

 

7,109

 

5,765

   

15,431

 

14,903

         

NET INCOME (LOSS)

$

(15,345)

$

(14,800)

         

Net income (loss) allocated to 
assignees


$


(15,192)


$


(14,652)

         

Net income (loss) allocated to general
partner


$


(153)


$


(148)

         

Net income (loss) per BAC

$

(.01)

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 23

 

 

 

   

2016

 

2015

Income

       

Interest income

$

64

$

171

Other income

 

-

 

1,943

   

64

 

2,114

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

1,328

 

775

Fund management fee, net (Note C) 

 

9,270

 

11,862

General and administrative expenses

 

8,883

 

7,173

   

19,481

 

19,810

         

NET INCOME (LOSS)

$

(19,417)

$

(17,696)

         

Net income (loss) allocated to 
assignees


$


(19,223)


$


(17,519)

         

Net income (loss) allocated to general
partner


$


(194)


$


(177)

         

Net income (loss) per BAC

$

(.01)

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

 

Series 24

 

 

 

   

2016

 

2015

Income

Interest income

$

86

$

322

Other income

 

104

 

85,071

   

190

 

85,393

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

818

 

825

Fund management fee, net (Note C) 

 

11,858

 

11,421

General and administrative expenses

 

6,536

 

5,519

   

19,212

 

17,765

         

NET INCOME (LOSS)

$

(19,022)

$

67,628

         

Net income (loss) allocated to 
assignees


$


(18,832)


$


66,952

         

Net income (loss) allocated to general
partner


$


(190)


$


676

         

Net income (loss) per BAC

$

(.01)

$

.03



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 25

 

 

 

   

2016

 

2015

Income

Interest income

$

80

$

1,110

Other income

 

16

 

16

   

96

 

1,126

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

1,104

 

775

Fund management fee, net (Note C) 

 

5,184

 

416

General and administrative expenses

 

7,758

 

6,333

   

14,046

 

7,524

         

NET INCOME (LOSS)

$

(13,950)

$

(6,398)

         

Net income (loss) allocated to 
assignees


$


(13,810)


$


(6,334)

         

Net income (loss) allocated to general
partner


$


(140)


$


(64)

         

Net income (loss) per BAC

$

(.00)

$

(.00)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 26

 

 

 

   

2016

 

2015

Income

       

Interest income

$

225

$

817

Other income

 

4,960

 

-

   

5,185

 

817

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

1,431

 

775

Fund management fee, net (Note C) 

 

21,704

 

20,217

General and administrative expenses

 

10,619

 

8,649

   

33,754

 

29,641

         

NET INCOME (LOSS)

$

(28,569)

$

(28,824)

         

Net income (loss) allocated to 
assignees


$


(28,283)


$


(28,536)

         

Net income (loss) allocated to general
partner


$


(286)


$


(288)

         

Net income (loss) per BAC

$

(.01)

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 27

 

 

 

   

2016

 

2015

Income

       

Interest income

$

2,689

$

478

Other income

 

-

 

-

   

2,689

 

478

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

36,567

 

776

Fund management fee, net (Note C) 

 

21,794

 

34,728

General and administrative expenses

 

6,493

 

5,750

   

64,854

 

41,254

         

NET INCOME (LOSS)

$

(62,165)

$

(40,776)

         

Net income (loss) allocated to 
assignees


$


(61,543)


$


(40,368)

         

Net income (loss) allocated to general
partner


$


(622)


$


(408)

         

Net income (loss) per BAC

$

(.03)

$

(.02)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 28

 

 

 

   

2016

 

2015

Income

       

Interest income

$

278

$

2,533

Other income

 

-

 

3,236

   

278

 

5,769

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

1,315

 

776

Fund management fee, net (Note C) 

 

(6,156)

 

21,639

General and administrative expenses

 

8,756

 

7,762

   

3,915

 

30,177

         

NET INCOME (LOSS)

$

(3,637)

$

(24,408)

         

Net income (loss) allocated to 
assignees


$


(3,601)


$


(24,164)

         

Net income (loss) allocated to general
partner


$


(36)


$


(244)

         

Net income (loss) per BAC

$

(.00)

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 29

 

 

 

   

2016

 

2015

Income

       

Interest income

$

149

$

293

Other income

 

-

 

3,558

   

149

 

3,851

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

1,449

 

4,472

Fund management fee, net (Note C) 

 

16,596

 

18,487

General and administrative expenses

 

9,681

 

7,617

   

27,726

 

30,576

         

NET INCOME (LOSS)

$

(27,577)

$

(26,725)

         

Net income (loss) allocated to 
assignees


$


(27,301)


$


(26,458)

         

Net income (loss) allocated to general
partner


$


(276)


$


(267)

         

Net income (loss) per BAC

$

(.01)

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 30

 

 

 

   

2016

 

2015

Income

       

Interest income

$

141

$

393

Other income

 

-

 

-

   

141

 

393

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


11,993

         

Expenses

       

Professional fees

 

894

 

776

Fund management fee, net (Note C) 

 

15,021

 

(10,368)

General and administrative expenses

 

6,974

 

5,807

   

22,889

 

(3,785)

         

NET INCOME (LOSS)

$

(22,748)

$

16,171

         

Net income (loss) allocated to 
assignees


$


(22,521)


$


16,009

         

Net income (loss) allocated to general
partner


$


(227)


$


162

         

Net income (loss) per BAC

$

(.01)

$

.01



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 31

 

 

 

   

2016

 

2015

Income

       

Interest income

$

670

$

1,025

Other income

 

-

 

-

   

670

 

1,025

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


791,947

 


-

         

Expenses

       

Professional fees

 

1,391

 

776

Fund management fee, net (Note C) 

 

37,521

 

33,287

General and administrative expenses

 

9,702

 

8,734

   

48,614

 

42,797

         

NET INCOME (LOSS)

$

744,003

$

(41,772)

         

Net income (loss) allocated to 
assignees


$


736,563


$


(41,354)

         

Net income (loss) allocated to general
partner


$


7,440


$


(418)

         

Net income (loss) per BAC

$

.17

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 32

 

 

 

   

2016

 

2015

Income

       

Interest income

$

124

$

525

Other income

 

-

 

-

   

124

 

525

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


48,900

 


825,886

         

Expenses

       

Professional fees

 

1,482

 

776

Fund management fee, net (Note C) 

 

43,080

 

47,594

General and administrative expenses

 

10,050

 

8,152

   

54,612

 

56,522

         

NET INCOME (LOSS)

$

(5,588)

$

769,889

         

Net income (loss) allocated to 
assignees


$


(5,532)


$


762,190

         

Net income (loss) allocated to general
partner


$


(56)


$


7,699

         

Net income (loss) per BAC

$

(.00)

$

.16



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,

(Unaudited)

Series 33

 

 

 

   

2016

 

2015

Income

       

Interest income

$

157

$

787

Other income

 

-

 

-

   

157

 

787

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

890

 

776

Fund management fee, net (Note C) 

 

16,398

 

15,228

General and administrative expenses

 

6,314

 

5,174

   

23,602

 

21,178

         

NET INCOME (LOSS)

$

(23,445)

$

(20,391)

         

Net income (loss) allocated to 
assignees


$


(23,211)


$


(20,187)

         

Net income (loss) allocated to general
partner


$


(234)


$


(204)

         

Net income (loss) per BAC

$

(.01)

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 34

 

 

 

   

2016

 

2015

Income

Interest income

$

315

$

17,309

Other income

 

-

 

66,751

   

315

 

84,060

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


388,191

 


-

         

Expenses

       

Professional fees

 

1,934

 

776

Fund management fee, net (Note C) 

 

12,592

 

23,146

General and administrative expenses

 

7,768

 

6,542

   

22,294

 

30,464

NET INCOME (LOSS)

$

366,212

$

53,596

         

Net income (loss) allocated to 
assignees


$


362,550


$


53,060

         

Net income (loss) allocated to general
partner


$


3,662


$


536

         

Net income (loss) per BAC

$

.10

$

.02



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 35

 

 

 

   

2016

 

2015

Income

       

Interest income

$

2,252

$

907

Other income

 

-

 

-

2,252

907

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


162,435

 


-

         

Expenses

Professional fees

 

1,190

 

776

Fund management fee, net (Note C) 

 

21,180

 

31,230

General and administrative expenses

 

7,658

 

6,341

   

30,028

 

38,347

         

NET INCOME (LOSS)

$

134,659

$

(37,440)

         

Net income (loss) allocated to 
assignees


$


133,312


$


(37,066)

         

Net income (loss) allocated to general
partner


$


1,347


$


(374)

         

Net income (loss) per BAC

$

.04

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 36

 

 

 

   

2016

 

2015

Income

       

Interest income

$

1,895

$

197

Other income

 

-

 

1,558

   

1,895

 

1,755

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


553,111

         

Expenses

       

Professional fees

 

716

 

776

Fund management fee, net (Note C) 

 

7,626

 

27,620

General and administrative expenses

 

5,466

 

5,090

   

13,808

 

33,486

         

NET INCOME (LOSS)

$

(11,913)

$

521,380

         

Net income (loss) allocated to 
assignees


$


(11,794)


$


516,166

         

Net income (loss) allocated to general
partner


$


(119)


$


5,214

         

Net income (loss) per BAC

$

(.01)

$

.25



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 37

 

 

 

   

2016

 

2015

Income

Interest income

$

1,375

$

190

Other income

 

-

 

2,344

   

1,375

 

2,534

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

804

 

776

Fund management fee, net (Note C) 

 

26,424

 

39,330

General and administrative expenses

 

5,994

 

5,058

   

33,222

 

45,164

         

NET INCOME (LOSS)

$

(31,847)

$

(42,630)

         

Net income (loss) allocated to 
assignees


$


(31,529)


$


(42,204)

         

Net income (loss) allocated to general
partner


$


(318)


$


(426)

         

Net income (loss) per BAC

$

(.01)

$

(.02)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 38

 

 

 

   

2016

 

2015

Income

Interest income

$

258

$

129

Other income

 

18,350

 

7,481

   

18,608

 

7,610

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


1,795,010

 


-

         

Expenses

       

Professional fees

 

2,100

 

776

Fund management fee, net (Note C) 

 

27,579

 

40,241

General and administrative expenses

 

6,312

 

5,621

   

35,991

 

46,638

         

NET INCOME (LOSS)

$

1,777,627

$

(39,028)

         

Net income (loss) allocated to 
assignees


$


1,759,851


$


(38,638)

         

Net income (loss) allocated to general
partner


$


17,776


$


(390)

         

Net income (loss) per BAC

$

.69

$

(.02)



The accompanying notes are an integral part of this condensed statement

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 39

 

 

 

   

2016

 

2015

Income

       

Interest income

$

103

$

96

Other income

 

550

 

-

   

653

 

96

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

1,944

 

776

Fund management fee, net (Note C) 

 

13,623

 

24,550

General and administrative expenses

 

5,308

 

5,082

   

20,875

 

30,408

         

NET INCOME (LOSS)

$

(20,222)

$

(30,312)

         

Net income (loss) allocated to 
assignees


$


(20,020)


$


(30,009)

         

Net income (loss) allocated to general
partner


$


(202)


$


(303)

         

Net income (loss) per BAC

$

(.01)

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 40

 

 

 

   

2016

 

2015

Income

       

Interest income

$

40

$

43

Other income

 

-

 

-

   

40

 

43

         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


762,011

         

Expenses

       

Professional fees

 

785

 

776

Fund management fee, net (Note C) 

 

33,579

 

45,004

General and administrative expenses

 

6,820

 

5,924

   

41,184

 

51,704

         

NET INCOME (LOSS)

$

(41,144)

$

710,350

         

Net income (loss) allocated to 
assignees


$


(40,733)


$


703,247

         

Net income (loss) allocated to general
partner


$


(411)


$


7,103

         

Net income (loss) per BAC

$

(.02)

$

.27



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 41

 

 

 

   

2016

 

2015

Income

       

Interest income

$

137

$

212

Other income

 

-

 

306

   

137

 

518

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

961

 

3,381

Fund management fee, net (Note C) 

 

49,440

 

46,706

General and administrative expenses

 

8,370

 

7,108

   

58,771

 

57,195

         

NET INCOME (LOSS)

$

(58,634)

$

(56,677)

         

Net income (loss) allocated to 
assignees


$


(58,048)


$


(56,110)

         

Net income (loss) allocated to general
partner


$


(586)


$


(567)

         

Net income (loss) per BAC

$

(.02)

$

(.02)



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 42

 

 

 

   

2016

 

2015

Income

       

Interest income

$

607

$

2,109

Other income

 

52

 

42,258

   

659

 

44,367

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

Expenses

       

Professional fees

 

870

 

826

Fund management fee, net (Note C) 

 

42,506

 

34,010

General and administrative expenses

 

7,558

 

6,481

   

50,934

 

41,317

         

NET INCOME (LOSS)

$

(50,275)

$

3,050

         

Net income (loss) allocated to 
assignees


$


(49,772)


$


3,020

         

Net income (loss) allocated to general
partner


$


(503)


$


30

         

Net income (loss) per BAC

$

(.02)

$

.00



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 43

 

 

 

   

2016

 

2015

Income

       

Interest income

$

455

$

1,250

Other income

 

-

 

-

   

455

 

1,250

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

1,037

 

776

Fund management fee, net (Note C) 

 

53,693

 

51,638

General and administrative expenses

 

9,444

 

7,900

   

64,174

 

60,314

         

NET INCOME (LOSS)

$

(63,719)

$

(59,064)

         

Net income (loss) allocated to 
assignees


$


(63,082)


$


(58,473)

         

Net income (loss) allocated to general
partner


$


(637)


$


(591)

         

Net income (loss) per BAC

$

(.02)

$

(.02)



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 44

 

 

 

   

2016

 

2015

Income

       

Interest income

$

4

$

6

Other income

 

2,187

 

7,580

   

2,191

 

7,586

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

823

 

776

Fund management fee, net (Note C) 

 

60,012

 

40,180

General and administrative expenses

 

6,755

 

5,411

   

67,590

 

46,367

         

NET INCOME (LOSS)

$

(65,399)

$

(38,781)

         

Net income (loss) allocated to 
assignees


$


(64,745)


$


(38,393)

         

Net income (loss) allocated to general
partner


$


(654)


$


(388)

         

Net income (loss) per BAC

$

(.02)

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 45

 

 

 

   

2016

 

2015

Income

       

Interest income

$

271

$

117

Other income

 

388

 

-

   

659

 

117

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


(42,531)

         

Expenses

       

Professional fees

 

1,852

 

776

Fund management fee, net (Note C) 

 

58,020

 

17,866

General and administrative expenses

 

11,176

 

8,878

   

71,048

 

27,520

         

NET INCOME (LOSS)

$

(70,389)

$

(69,934)

         

Net income (loss) allocated to 
assignees


$


(69,685)


$


(69,235)

Net income (loss) allocated to general
partner


$


(704)


$


(699)

         

Net income (loss) per BAC

$

(.02)

$

(.02)



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 46

 

 

 

2016

2015

Income

       

Interest income

$

99

$

177

Other income

 

-

 

-

   

99

 

177

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


393,183

 


(55,618)

         

Expenses

       

Professional fees

 

895

 

778

Fund management fee, net (Note C) 

 

47,745

 

57,382

General and administrative expenses

 

8,118

 

6,682

   

56,758

 

64,842

         

NET INCOME (LOSS)

$

336,524

$

(120,283)

         

Net income (loss) allocated to 
assignees


$


333,159


$


(119,080)

         

Net income (loss) allocated to general
partner


$


3,365


$


(1,203)

         

Net income (loss) per BAC

$

.11

$

(.04)



The accompanying notes are an integral part of this condensed statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

 

 

 

 

   

2016

 

2015

Income

       

Interest income

$

39,255

$

60,682

Other income

 

219,790

 

546,120

259,045

606,802

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


13,992,959

 


13,926,505

         

Expenses

       

Professional fees

 

648,169

 

561,299

Fund management fee, net (Note C) 

 

1,924,211

 

2,408,348

General and administrative expenses

 

504,870

 

378,396

   

3,077,250

 

3,348,043

         

NET INCOME (LOSS)

$

11,174,754

$

11,185,264

         

Net income (loss) allocated to 
assignees


$


11,063,009


$


11,073,409

         

Net income (loss) allocated to general
partner


$


111,745


$


111,855

         

Net income (loss) per BAC

$

.13

$

.13



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 20

 

 

   

2016

 

2015

Income

Interest income

$

334

$

404

Other income

 

-

 

64

   

334

 

468

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


138,000

 


-

         

Expenses

       

Professional fees

 

13,141

 

18,217

Fund management fee, net (Note C) 

 

18,075

 

20,433

General and administrative expenses

 

21,699

 

15,964

   

52,915

 

54,614

         

NET INCOME (LOSS)

$

85,419

$

(54,146)

         

Net income (loss) allocated to 
assignees


$


84,565


$


(53,605)

         

Net income (loss) allocated to general
partner


$


854


$


(541)

         

Net income (loss) per BAC

$

.02

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 21

 

 

 

2016

2015

Income

       

Interest income

$

486

$

538

Other income

 

859

 

859

   

1,345

 

1,397

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


326,273

         

Expenses

       

Professional fees

 

13,453

 

12,687

Fund management fee, net (Note C) 

 

6,103

 

18,384

General and administrative expenses

 

14,649

 

10,914

   

34,205

 

41,985

         

NET INCOME (LOSS)

$

(32,860)

$

285,685

         

Net income (loss) allocated to 
assignees


$


(32,531)


$


282,828

         

Net income (loss) allocated to general
partner


$


(329)


$


2,857

         

Net income (loss) per BAC

$

(.02)

$

.15



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 22

 

 

 

   

2016

 

2015

Income

       

Interest income

$

291

$

181

Other income

 

-

 

433

   

291

 

614

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


232,989

         

Expenses

       

Professional fees

 

15,679

 

16,842

Fund management fee, net (Note C) 

 

21,406

 

28,823

General and administrative expenses

 

17,703

 

13,131

   

54,788

 

58,796

         

NET INCOME (LOSS)

$

(54,497)

$

174,807

         

Net income (loss) allocated to 
assignees


$


(53,952)


$


173,059

         

Net income (loss) allocated to general
partner


$


(545)


$


1,748

         

Net income (loss) per BAC

$

(.02)

$

.07



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 23

 

 

 

   

2016

 

2015

Income

       

Interest income

$

230

$

307

Other income

 

-

 

3,243

   

230

 

3,550

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


3,550

 


215,459

         

Expenses

       

Professional fees

 

19,409

 

18,812

Fund management fee, net (Note C) 

 

23,012

 

30,838

General and administrative expenses

 

20,966

 

15,576

   

63,387

 

65,226

         

NET INCOME (LOSS)

$

(59,607)

$

153,783

         

Net income (loss) allocated to 
assignees


$


(59,011)


$


152,245

         

Net income (loss) allocated to general
partner


$


(596)


$


1,538

         

Net income (loss) per BAC

$

(.02)

$

.05



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

 

Series 24

 

 

 

   

2016

 

2015

Income

Interest income

$

297

$

1,670

Other income

 

3,846

 

87,251

   

4,143

 

88,921

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


16,675

         

Expenses

       

Professional fees

 

13,968

 

16,314

Fund management fee, net (Note C) 

 

32,407

 

33,073

General and administrative expenses

 

17,215

 

12,798

   

63,590

 

62,185

         

NET INCOME (LOSS)

$

(59,447)

$

43,411

         

Net income (loss) allocated to 
assignees


$


(58,853)


$


42,977

         

Net income (loss) allocated to general
partner


$


(594)


$


434

         

Net income (loss) per BAC

$

(.03)

$

.02



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 25

 

 

 

   

2016

 

2015

Income

Interest income

$

256

$

6,808

Other income

 

10,178

 

10,178

   

10,434

 

16,986

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

12,762

 

15,690

Fund management fee, net (Note C) 

 

11,342

 

11,342

General and administrative expenses

 

20,196

 

14,500

   

44,300

 

41,532

         

NET INCOME (LOSS)

$

(33,866)

$

(24,546)

         

Net income (loss) allocated to 
assignees


$


(33,527)


$


(24,301)

         

Net income (loss) allocated to general
partner


$


(339)


$


(245)

         

Net income (loss) per BAC

$

(.01)

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 26

 

 

 

   

2016

 

2015

Income

       

Interest income

$

802

$

3,625

Other income

 

6,176

 

2,363

   

6,978

 

5,988

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


18,500

 


59,000

         

Expenses

       

Professional fees

 

23,890

 

29,868

Fund management fee, net (Note C) 

 

65,190

 

69,761

General and administrative expenses

 

25,561

 

18,115

   

114,641

 

117,744

         

NET INCOME (LOSS)

$

(89,163)

$

(52,756)

         

Net income (loss) allocated to 
assignees


$


(88,271)


$


(52,228)

         

Net income (loss) allocated to general
partner


$


(892)


$


(528)

         

Net income (loss) per BAC

$

(.02)

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 27

 

 

 

   

2016

 

2015

Income

       

Interest income

$

6,629

$

2,087

Other income

 

6,000

 

-

   

12,629

 

2,087

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


3,016,000

 


-

         

Expenses

       

Professional fees

 

104,403

 

18,420

Fund management fee, net (Note C) 

 

74,018

 

99,444

General and administrative expenses

 

16,382

 

13,113

   

194,803

 

130,977

         

NET INCOME (LOSS)

$

2,833,826

$

(128,890)

         

Net income (loss) allocated to 
assignees


$


2,805,488


$


(127,601)

         

Net income (loss) allocated to general
partner


$


28,338


$


(1,289)

         

Net income (loss) per BAC

$

1.14

$

(.05)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 28

 

 

 

   

2016

 

2015

Income

       

Interest income

$

884

$

11,752

Other income

 

7,976

 

14,489

   

8,860

 

26,241

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


5,000

 


1,197,000

         

Expenses

       

Professional fees

 

20,687

 

27,210

Fund management fee, net (Note C) 

 

12,835

 

67,983

General and administrative expenses

 

22,425

 

16,617

   

55,947

 

111,810

         

NET INCOME (LOSS)

$

(42,087)

$

1,111,431

         

Net income (loss) allocated to 
assignees


$


(41,666)


$


1,100,317

         

Net income (loss) allocated to general
partner


$


(421)


$


11,114

         

Net income (loss) per BAC

$

(.01)

$

.28



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 29

 

 

 

   

2016

 

2015

Income

       

Interest income

$

606

$

771

Other income

 

-

 

53,558

   

606

 

54,329

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


199,000

         

Expenses

       

Professional fees

 

62,411

 

29,241

Fund management fee, net (Note C) 

 

53,985

 

55,294

General and administrative expenses

 

22,389

 

16,289

   

138,785

 

100,824

         

NET INCOME (LOSS)

$

(138,179)

$

152,505

         

Net income (loss) allocated to 
assignees


$


(136,797)


$


150,980

         

Net income (loss) allocated to general
partner


$


(1,382)


$


1,525

         

Net income (loss) per BAC

$

(.03)

$

.04



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 30

 

 

 

   

2016

 

2015

Income

       

Interest income

$

503

$

790

Other income

 

1,243

 

1,522

   

1,746

 

2,312

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


273,454

         

Expenses

       

Professional fees

 

19,058

 

23,179

Fund management fee, net (Note C) 

 

42,047

 

29,833

General and administrative expenses

 

16,733

 

12,718

   

77,838

 

65,730

         

NET INCOME (LOSS)

$

(76,092)

$

210,036

         

Net income (loss) allocated to 
assignees


$


(75,331)


$


207,936

         

Net income (loss) allocated to general
partner


$


(761)


$


2,100

         

Net income (loss) per BAC

$

(.03)

$

.08



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 31

 

 

 

   

2016

 

2015

Income

       

Interest income

$

2,103

$

2,401

Other income

 

590

 

590

   

2,693

 

2,991

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


791,947

 


1,256,102

         

Expenses

       

Professional fees

 

24,365

 

26,728

Fund management fee, net (Note C) 

 

107,063

 

112,142

General and administrative expenses

 

22,281

 

17,730

   

153,709

 

156,600

         

NET INCOME (LOSS)

$

640,931

$

1,102,493

         

Net income (loss) allocated to 
assignees


$


634,522


$


1,091,468

         

Net income (loss) allocated to general
partner


$


6,409


$


11,025

         

Net income (loss) per BAC

$

.14

$

.25



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 32

 

 

 

   

2016

 

2015

Income

       

Interest income

$

1,143

$

736

Other income

 

1,800

 

5,550

   

2,943

 

6,286

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


48,900

 


825,886

         

Expenses

       

Professional fees

 

18,628

 

21,421

Fund management fee, net (Note C) 

 

115,780

 

154,338

General and administrative expenses

 

22,959

 

17,140

   

157,367

 

192,899

         

NET INCOME (LOSS)

$

(105,524)

$

639,273

         

Net income (loss) allocated to 
assignees


$


(104,469)


$


632,880

         

Net income (loss) allocated to general
partner


$


(1,055)


$


6,393

         

Net income (loss) per BAC

$

(.02)

$

.13



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,

(Unaudited)

Series 33

 

 

 

   

2016

 

2015

Income

       

Interest income

$

1,258

$

1,349

Other income

 

1,800

 

5,550

   

3,058

 

6,899

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


1,097,000

         

Expenses

       

Professional fees

 

14,835

 

16,473

Fund management fee, net (Note C) 

 

41,524

 

48,859

General and administrative expenses

 

15,875

 

11,796

   

72,234

 

77,128

         

NET INCOME (LOSS)

$

(69,176)

$

1,026,771

         

Net income (loss) allocated to 
assignees


$


(68,484)


$


1,016,503

         

Net income (loss) allocated to general
partner


$


(692)


$


10,268

         

Net income (loss) per BAC

$

(.03)

$

.39



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 34

 

 

 

   

2016

 

2015

Income

Interest income

$

1,114

$

17,739

Other income

 

13,230

 

85,052

   

14,344

 

102,791

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


630,691

 


37,000

         

Expenses

       

Professional fees

 

18,698

 

20,103

Fund management fee, net (Note C) 

 

29,061

 

81,200

General and administrative expenses

 

18,676

 

14,221

   

66,435

 

115,524

NET INCOME (LOSS)

$

578,600

$

24,267

         

Net income (loss) allocated to 
assignees


$


572,814


$


24,024

         

Net income (loss) allocated to general
partner


$


5,786


$


243

         

Net income (loss) per BAC

$

.16

$

.01



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 35

 

 

 

   

2016

 

2015

Income

Interest income

$

6,166

$

1,456

Other income

 

4,893

 

11,037

11,059

12,493

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


2,543,187

 


972,250

         

Expenses

Professional fees

 

18,070

 

17,475

Fund management fee, net (Note C) 

 

33,179

 

94,409

General and administrative expenses

 

18,647

 

13,888

   

69,896

 

125,772

         

NET INCOME (LOSS)

$

2,484,350

$

858,971

         

Net income (loss) allocated to 
assignees


$


2,459,507


$


850,381

         

Net income (loss) allocated to general
partner


$


24,843


$


8,590

         

Net income (loss) per BAC

$

.75

$

.26



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 36

 

 

 

   

2016

 

2015

Income

       

Interest income

$

3,772

$

706

Other income

 

6,425

 

4,241

   

10,197

 

4,947

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


2,503,252

 


553,111

         

Expenses

       

Professional fees

 

16,697

 

15,994

Fund management fee, net (Note C) 

 

(2,956)

 

91,118

General and administrative expenses

 

14,229

 

11,359

   

27,970

 

118,471

         

NET INCOME (LOSS)

$

2,485,479

$

439,587

         

Net income (loss) allocated to 
assignees


$


2,460,624


$


435,191

         

Net income (loss) allocated to general
partner


$


24,855


$


4,396

         

Net income (loss) per BAC

$

1.17

$

.21



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 37

 

 

 

   

2016

 

2015

Income

Interest income

$

2,228

$

545

Other income

 

4,811

 

11,583

   

7,039

 

12,128

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


1,934,639

 


-

         

Expenses

       

Professional fees

 

13,932

 

15,197

Fund management fee, net (Note C) 

 

89,661

 

114,476

General and administrative expenses

 

15,031

 

11,481

   

118,624

 

141,154

         

NET INCOME (LOSS)

$

1,823,054

$

(129,026)

         

Net income (loss) allocated to 
assignees


$


1,804,823


$


(127,736)

         

Net income (loss) allocated to general
partner


$


18,231


$


(1,290)

         

Net income (loss) per BAC

$

.72

$

(.05)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 38

 

 

 

   

2016

 

2015

Income

Interest income

$

571

$

274

Other income

 

66,141

 

11,836

   

66,712

 

12,110

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


1,795,010

 


-

         

Expenses

       

Professional fees

 

18,795

 

16,553

Fund management fee, net (Note C) 

 

87,297

 

121,308

General and administrative expenses

 

15,656

 

12,242

   

121,748

 

150,103

         

NET INCOME (LOSS)

$

1,739,974

$

(137,993)

         

Net income (loss) allocated to 
assignees


$


1,722,574


$


(136,613)

         

Net income (loss) allocated to general
partner


$


17,400


$


(1,380)

         

Net income (loss) per BAC

$

.68

$

(.05)



The accompanying notes are an integral part of this condensed statement

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 39

 

 

 

   

2016

 

2015

Income

       

Interest income

$

378

$

277

Other income

 

1,210

 

3,160

   

1,588

 

3,437

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


122,100

 


-

         

Expenses

       

Professional fees

 

17,935

 

16,346

Fund management fee, net (Note C) 

 

46,920

 

83,320

General and administrative expenses

 

13,893

 

11,279

   

78,748

 

110,945

         

NET INCOME (LOSS)

$

44,940

$

(107,508)

         

Net income (loss) allocated to 
assignees


$


44,491


$


(106,433)

         

Net income (loss) allocated to general
partner


$


449


$


(1,075)

         

Net income (loss) per BAC

$

.02

$

(.05)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 40

 

 

 

   

2016

 

2015

Income

       

Interest income

$

276

$

98

Other income

 

-

 

-

   

276

 

98

         

Share of income (loss) from 
Operating Partnerships (Note D)

 


49,000

 


762,011

         

Expenses

       

Professional fees

 

21,422

 

20,176

Fund management fee, net (Note C) 

 

97,630

 

142,837

General and administrative expenses

 

16,028

 

12,036

   

135,080

 

175,049

         

NET INCOME (LOSS)

$

(85,804)

$

587,060

         

Net income (loss) allocated to 
assignees


$


(84,946)


$


581,189

         

Net income (loss) allocated to general
partner


$


(858)


$


5,871

         

Net income (loss) per BAC

$

(.03)

$

.22



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 41

 

 

 

   

2016

 

2015

Income

       

Interest income

$

492

$

500

Other income

 

1,302

 

36,415

   

1,794

 

36,915

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


457,440

         

Expenses

       

Professional fees

 

24,561

 

24,729

Fund management fee, net (Note C) 

 

153,988

 

141,916

General and administrative expenses

 

18,513

 

14,409

   

197,062

 

181,054

         

NET INCOME (LOSS)

$

(195,268)

$

313,301

         

Net income (loss) allocated to 
assignees


$


(193,315)


$


310,168

         

Net income (loss) allocated to general
partner


$


(1,953)


$


3,133

         

Net income (loss) per BAC

$

(.07)

$

.11



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 42

 

 

 

   

2016

 

2015

Income

       

Interest income

$

3,496

$

2,626

Other income

 

472

 

108,387

   

3,968

 

111,013

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


3,214,695

Expenses

       

Professional fees

 

26,102

 

24,729

Fund management fee, net (Note C) 

 

120,924

 

122,922

General and administrative expenses

 

17,565

 

13,368

   

164,591

 

161,019

         

NET INCOME (LOSS)

$

(160,623)

$

3,164,689

         

Net income (loss) allocated to 
assignees


$


(159,017)


$


3,133,042

         

Net income (loss) allocated to general
partner


$


(1,606)


$


31,647

         

Net income (loss) per BAC

$

(.06)

$

1.14



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 43

 

 

 

   

2016

 

2015

Income

       

Interest income

$

3,623

$

2,356

Other income

 

1,759

 

39,105

   

5,382

 

41,461

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


2,492,094

         

Expenses

       

Professional fees

 

27,511

 

25,838

Fund management fee, net (Note C) 

 

135,689

 

156,831

General and administrative expenses

 

20,940

 

15,719

   

184,140

 

198,388

         

NET INCOME (LOSS)

$

(178,758)

$

2,335,167

         

Net income (loss) allocated to 
assignees


$


(176,970)


$


2,311,815

         

Net income (loss) allocated to general
partner


$


(1,788)


$


23,352

         

Net income (loss) per BAC

$

(.05)

$

.64



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 44

 

 

 

   

2016

 

2015

Income

       

Interest income

$

29

$

12

Other income

 

16,818

 

10,349

   

16,847

 

10,361

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

         

Expenses

       

Professional fees

 

15,786

 

16,055

Fund management fee, net (Note C) 

 

180,251

 

166,494

General and administrative expenses

 

16,293

 

11,713

   

212,330

 

194,262

         

NET INCOME (LOSS)

$

(195,483)

$

(183,901)

         

Net income (loss) allocated to 
assignees


$


(193,528)


$


(182,062)

         

Net income (loss) allocated to general
partner


$


(1,955)


$


(1,839)

         

Net income (loss) per BAC

$

(.07)

$

(.07)



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 45

 

 

 

   

2016

 

2015

Income

       

Interest income

$

938

$

209

Other income

 

32,262

 

25,958

   

33,200

 

26,167

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


(81,540)

         

Expenses

       

Professional fees

 

30,784

 

33,118

Fund management fee, net (Note C) 

 

166,939

 

146,932

General and administrative expenses

 

23,743

 

16,620

   

221,466

 

196,670

         

NET INCOME (LOSS)

$

(188,266)

$

(252,043)

         

Net income (loss) allocated to 
assignees


$


(186,383)


$


(249,523)

Net income (loss) allocated to general
partner


$


(1,883)


$


(2,520)

         

Net income (loss) per BAC

$

(.05)

$

(.06)



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 46

 

 

 

2016

2015

Income

       

Interest income

$

350

$

465

Other income

 

29,999

 

13,347

   

30,349

 

13,812

         
         

Share of income (loss) from 
Operating Partnerships (Note D)

 


393,183

 


(179,394)

         

Expenses

       

Professional fees

 

21,187

 

23,884

Fund management fee, net (Note C) 

 

160,841

 

164,038

General and administrative expenses

 

18,623

 

13,660

   

200,651

 

201,582

         

NET INCOME (LOSS)

$

222,881

$

(367,164)

         

Net income (loss) allocated to 
assignees


$


220,652


$


(363,492)

         

Net income (loss) allocated to general
partner


$


2,229


$


(3,672)

         

Net income (loss) per BAC

$

.07

$

(.12)



The accompanying notes are an integral part of this condensed statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
(DEFICIT)

Nine Months Ended December 31, 2016
(Unaudited)

             


 


Assignees

 

General
Partner

 


Total

             

Partners' capital
(deficit)
  April 1, 2016



$



(21,290,383)



$



(7,328,718)



$



(28,619,101)

             

Net income (loss)

 

11,063,009

 

111,745

 

11,174,754

             

Partners' capital
(deficit),
  December 31, 2016



$



(10,227,374)



$



(7,216,973)



$



(17,444,347)







































The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2016
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 20

           

Partners' capital
(deficit)
  April 1, 2016



$



(940,299)



$



(320,864)



$



(1,261,163)

             

Net income (loss)

 

84,565

 

854

 

85,419

             

Partners' capital
(deficit),
  December 31, 2016



$



(855,734)



$



(320,010)



$



(1,175,744)



 


Assignees

 

General
Partner

 


Total

Series 21

           

Partners' capital
(deficit)
  April 1, 2016



$



(862,894)



$



(172,303)



$



(1,035,197)

             

Net income (loss)

 

(32,531)

 

(329)

 

(32,860)

             

Partners' capital
(deficit),
  December 31, 2016



$



(895,425)



$



(172,632)



$



(1,068,057)



 


Assignees

 

General
Partner

 


Total

Series 22

           

Partners' capital
(deficit)
  April 1, 2016



$



(2,279,715)



$



(244,324)



$



(2,524,039)

             

Net income (loss)

 

(53,952)

 

(545)

 

(54,497)

             

Partners' capital
(deficit),
  December 31, 2016



$



(2,333,667)



$



(244,869)



$



(2,578,536)












The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2016
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 23

           

Partners' capital
(deficit)
  April 1, 2016



$



(1,529,462)



$



(303,173)



$



(1,832,635)

             

Net income (loss)

 

(59,011)

 

(596)

 

(59,607)

             

Partners' capital
(deficit),
  December 31, 2016



$



(1,588,473)



$



(303,769)



$



(1,892,242)



 


Assignees

 

General
Partner

 


Total

Series 24

           

Partners' capital
(deficit)
  April 1, 2016



$



676,778



$



(174,226)



$



502,552

             

Net income (loss)

 

(58,853)

 

(594)

 

(59,447)

             

Partners' capital
(deficit),
  December 31, 2016



$



617,925



$



(174,820)



$



443,105



 


Assignees

 

General
Partner

 


Total

Series 25

           

Partners' capital
(deficit)
  April 1, 2016



$



616,693



$



(219,646)



$



397,047

             

Net income (loss)

 

(33,527)

 

(339)

 

(33,866)

             

Partners' capital
(deficit),
  December 31, 2016



$



583,166



$



(219,985)



$



363,181












The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2016
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 26

           

Partners' capital
(deficit)
  April 1, 2016



$



1,114,701



$



(310,299)



$



804,402

             

Net income (loss)

 

(88,271)

 

(892)

 

(89,163)

             

Partners' capital
(deficit),
  December 31, 2016



$



1,026,430



$



(311,191)



$



715,239



 


Assignees

 

General
Partner

 


Total

Series 27

           

Partners' capital
(deficit)
  April 1, 2016



$



1,097,087



$



(197,451)



$



899,636

             

Net income (loss)

 

2,805,488

 

28,338

 

2,833,826

             

Partners' capital
(deficit),
  December 31, 2016



$



3,902,575



$



(169,113)



$



3,733,462


 


Assignees

 

General
Partner

 


Total

Series 28

           

Partners' capital
(deficit)
  April 1, 2016



$



1,149,995



$



(273,068)



$



876,927

             

Net income (loss)

 

(41,666)

 

(421)

 

(42,087)

             

Partners' capital
(deficit),
  December 31, 2016



$



1,108,329



$



(273,489)



$



834,840












The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2016
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 29

           

Partners' capital
(deficit)
  April 1, 2016



$



(2,599,655)



$



(368,327)



$



(2,967,982)

             

Net income (loss)

 

(136,797)

 

(1,382)

 

(138,179)

             

Partners' capital
(deficit),
  December 31, 2016



$



(2,736,452)



$



(369,709)



$



(3,106,161)



 


Assignees

 

General
Partner

 


Total

Series 30

           

Partners' capital
(deficit)
  April 1, 2016



$



(1,132,351)



$



(240,787)



$



(1,373,138)

             

Net income (loss)

 

(75,331)

 

(761)

 

(76,092)

             

Partners' capital
(deficit),
  December 31, 2016



$



(1,207,682)



$



(241,548)



$



(1,449,230)



 


Assignees

 

General
Partner

 


Total

Series 31

           

Partners' capital
(deficit)
  April 1, 2016



$



1,673,651



$



(366,184)



$



1,307,467

             

Net income (loss)

 

634,522

 

6,409

 

640,931

             

Partners' capital
(deficit),
  December 31, 2016



$



2,308,173



$



(359,775)



$



1,948,398












The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2016
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 32

           

Partners' capital
(deficit)
  April 1, 2016



$



(1,883,110)



$



(429,489)



$



(2,312,599)

             

Net income (loss)

 

(104,469)

 

(1,055)

 

(105,524)

             

Partners' capital
(deficit),
  December 31, 2016



$



(1,987,579)



$



(430,544)



$



(2,418,123)



 


Assignees

 

General
Partner

 


Total

Series 33

           

Partners' capital
(deficit)
  April 1, 2016



$



(593,876)



$



(234,059)



$



(827,935)

             

Net income (loss)

 

(68,484)

 

(692)

 

(69,176)

             

Partners' capital
(deficit),
  December 31, 2016



$



(662,360)



$



(234,751)



$



(897,111)



 


Assignees

 

General
Partner

 


Total

Series 34

           

Partners' capital
(deficit)
  April 1, 2016



$



(2,599,579)



$



(329,682)



$



(2,929,261)

             

Net income (loss)

 

572,814

 

5,786

 

578,600

             

Partners' capital
(deficit),
  December 31, 2016



$



(2,026,765)



$



(323,896)



$



(2,350,661)












The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2016
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 35

           

Partners' capital
(deficit)
  April 1, 2016



$



(510,977)



$



(290,035)



$



(801,012)

             

Net income (loss)

 

2,459,507

 

24,843

 

2,484,350

             

Partners' capital
(deficit),
  December 31, 2016



$



1,948,530



$



(265,192)



$



1,683,338



 


Assignees

 

General
Partner

 


Total

Series 36

           

Partners' capital
(deficit)
  April 1, 2016



$



(263,566)



$



(183,130)



$



(446,696)

             

Net income (loss)

 

2,460,624

 

24,855

 

2,485,479

             

Partners' capital
(deficit),
  December 31, 2016



$



2,197,058



$



(158,275)



$



2,038,783



 


Assignees

 

General
Partner

 


Total

Series 37

           

Partners' capital
(deficit)
  April 1, 2016



$



(2,060,600)



$



(238,556)



$



(2,299,156)

             

Net income (loss)

 

1,804,823

 

18,231

 

1,823,054

             

Partners' capital
(deficit),
  December 31, 2016



$



(255,777)



$



(220,325)



$



(476,102)












The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2016
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 38

           

Partners' capital
(deficit)
  April 1, 2016



$



(1,456,733)



$



(235,204)



$



(1,691,937)

             

Net income (loss)

 

1,722,574

 

17,400

 

1,739,974

             

Partners' capital
(deficit),
  December 31, 2016



$



265,841



$



(217,804)



$



48,037



 


Assignees

 

General
Partner

 


Total

Series 39

           

Partners' capital
(deficit)
  April 1, 2016



$



(1,255,309)



$



(211,107)



$



(1,466,416)

             

Net income (loss)

44,491

449

44,940

             

Partners' capital
(deficit),
  December 31, 2016



$



(1,210,818)



$



(210,658)



$



(1,421,476)



 


Assignees

 

General
Partner

 


Total

Series 40

           

Partners' capital
(deficit)
  April 1, 2016



$



(2,108,202)



$



(248,511)



$



(2,356,713)

             

Net income (loss)

 

(84,946)

 

(858)

 

(85,804)

             

Partners' capital
(deficit),
  December 31, 2016



$



(2,193,148)



$



(249,369)



$



(2,442,517)






 






The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2016
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 41

           

Partners' capital
(deficit)
  April 1, 2016



$



(2,552,052)



$



(277,464)



$



(2,829,516)

             

Net income (loss)

 

(193,315)

 

(1,953)

 

(195,268)

             

Partners' capital
(deficit),
  December 31, 2016



$



(2,745,367)



$



(279,417)



$



(3,024,784)



 


Assignees

 

General
Partner

 


Total

Series 42

           

Partners' capital
(deficit)
  April 1, 2016



$



1,500,294



$



(228,217)



$



1,272,077

             

Net income (loss)

 

(159,017)

 

(1,606)

 

(160,623)

             

Partners' capital
(deficit),
  December 31, 2016



$



1,341,277



$



(229,823)



$



1,111,454



 


Assignees

 

General
Partner

 


Total

Series 43

           

Partners' capital
(deficit)
  April 1, 2016



$



132,554



$



(323,430)



$



(190,876)

             

Net income (loss)

 

(176,970)

 

(1,788)

 

(178,758)

             

Partners' capital
(deficit),
  December 31, 2016



$



(44,416)



$



(325,218)



$



(369,634)












The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2016
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 44

           

Partners' capital
(deficit)
  April 1, 2016



$



(2,026,484)



$



(260,316)



$



(2,286,800)

             

Net income (loss)

 

(193,528)

 

(1,955)

 

(195,483)

             

Partners' capital
(deficit),
  December 31, 2016



$



(2,220,012)



$



(262,271)



$



(2,482,283)



 


Assignees

 

General
Partner

 


Total

Series 45

           

Partners' capital
(deficit)
  April 1, 2016



$



(1,470,231)



$



(372,085)



$



(1,842,316)

             

Net income (loss)

 

(186,383)

 

(1,883)

 

(188,266)

             

Partners' capital
(deficit),
  December 31, 2016



$



(1,656,614)



$



(373,968)



$



(2,030,582)



 


Assignees

 

General
Partner

 


Total

Series 46

           

Partners' capital
(deficit)
  April 1, 2016



$



(1,127,041)



$



(276,781)



$



(1,403,822)

             

Net income (loss)

 

220,652

 

2,229

 

222,881

             

Partners' capital
(deficit),
  December 31, 2016



$



(906,389)



$



(274,552)



$



(1,180,941)










The accompanying notes are an integral part of this condensed statement

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

11,174,754

$

11,185,264

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships


-

 

3,589

Share of (income) loss from 
   Operating Partnerships

 


(13,992,959)

 


(13,926,505)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


29,567

 


598,225

Decrease (Increase) in other
   assets

 


-

 


(75,768)

(Decrease) Increase in accounts
   payable affiliates

 


(7,429,230)

 


(2,529,559)

Net cash (used in) provided by 
operating activities

 


(10,217,868)

 


(4,744,754)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


13,370,012

 


14,426,746

Net cash (used in) provided by
investing activities

 


13,370,012

 


14,426,746

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


3,152,144

 


9,681,992

Cash and cash equivalents, beginning

 

21,728,069

 

23,720,352

Cash and cash equivalents, ending

$

24,880,213

$

33,402,344

 

 

The accompanying notes are an integral part of this condensed statement










 

 

 



 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 20

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

85,419

$

(54,146)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships



(138,000)

 


-

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


3,000

 


-

Decrease (Increase) in other
   assets



-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


19,308

 


(70,866)

Net cash (used in) provided by 
operating activities

 


(30,273)

 


(125,012)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


138,000

 


-

Net cash (used in) provided by
investing activities

 


138,000

 


-

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


107,727

 


(125,012)

Cash and cash equivalents, beginning

 

180,896

 

310,195

Cash and cash equivalents, ending

$

288,623

$

185,183

 


The accompanying notes are an integral part of this condensed statement











 




 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 21

 

   

2016

 

2015

Cash flows from operating activities:

Net income (loss)

$

(32,860)

$

285,685

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


-

 


(326,273)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


(5,000)

Decrease (Increase) in other
   assets

 


-

 


3,000

(Decrease) Increase in accounts
   payable affiliates

 


(141,846)

 


20,435

Net cash (used in) provided by 
operating activities

 


(174,706)

 


(22,153)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


-

 


326,273

Net cash (used in) provided by
investing activities

 


-

 


326,273

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(174,706)

 


304,120

Cash and cash equivalents, beginning

 

425,168

 

127,394

Cash and cash equivalents, ending

$

250,462

$

431,514

 


The accompanying notes are an integral part of this condensed statement


 

 











 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 22

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(54,497)

$

174,807

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships


-


-

Share of (income) loss from 
   Operating Partnerships

 


-

 


(232,989)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


21,906

 


34,134

Net cash (used in) provided by 
operating activities

 


(32,591)

 


(24,048)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


-

 


232,296

Net cash (used in) provided by
investing activities

 


-

 


232,296

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(32,591)

 


208,248

Cash and cash equivalents, beginning

 

295,650

 

117,048

Cash and cash equivalents, ending

$

263,059

$

325,296

 


The accompanying notes are an integral part of this condensed statement

 

 

 













 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 23

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(59,607)

$

153,783

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


(3,550)

 


(215,459)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


28,092

 


48,407

Net cash (used in) provided by 
operating activities

 


(35,065)

 


(13,269)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


3,550

 


215,459

Net cash (used in) provided by
investing activities

 


3,550

 


215,459

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 

 

(31,515)

 


202,190

Cash and cash equivalents, beginning

 

219,677

 

205,359

Cash and cash equivalents, ending

$

188,162

$

407,549

 


The accompanying notes are an integral part of this condensed statement

 

 













 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 24

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(59,447)

$

43,411

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


-

 


(16,675)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


(6,335)

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


-

 


-

Net cash (used in) provided by 
operating activities



(59,447)

 


20,401

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


-

 


96,715

Net cash (used in) provided by
investing activities

 


-

 


96,715

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(59,447)

 


117,116

Cash and cash equivalents, beginning

 

502,552

 

1,005,871

Cash and cash equivalents, ending

$

443,105

$

1,122,987

 


The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 25

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(33,866)

$

(24,546)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


-

 


-

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


-

 


-

Net cash (used in) provided by 
operating activities

 


(33,866)

 


(24,546)

Cash flows from investing activities:

Proceeds from the disposition of     Operating Partnerships

 


-

 


-

Net cash (used in) provided by
investing activities

 


-

 


-

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(33,866)

 


(24,546)

Cash and cash equivalents, beginning

 

395,797

 

3,811,919

Cash and cash equivalents, ending

$

361,931

$

3,787,373

 


The accompanying notes are an integral part of this condensed statement

 

 











 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 26

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(89,163)

$

(52,756)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


(18,500)

 


(59,000)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


(960)

 


(15,507)

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


-

 

 

-

Net cash (used in) provided by 
operating activities

 


(108,623)

 


(127,263)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


18,500

 


128,000

Net cash (used in) provided by
investing activities

 


18,500

 


128,000

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(90,123)

 


737

Cash and cash equivalents, beginning

 

809,362

 

3,013,320

Cash and cash equivalents, ending

$

719,239

$

3,014,057

 


The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 27

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

2,833,826

$

(128,890)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


(3,016,000)

 


-

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


4,000

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


-

 


-

Net cash (used in) provided by 
operating activities

 


(178,174)

 


(128,890)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


3,016,000

 


-

Net cash (used in) provided by
investing activities

 


3,016,000

 


-

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


2,837,826

 


(128,890)

Cash and cash equivalents, beginning

 

899,636

 

1,051,663

Cash and cash equivalents, ending

$

3,737,462

$

922,773

 


The accompanying notes are an integral part of this condensed statement

 

 











 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 28

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(42,087)

$

1,111,431

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


(5,000)

 


(1,197,000)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


(7,500)

 


(3,000)

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


-

 


-

Net cash (used in) provided by 
operating activities

 


(54,587)

 


(88,569)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


5,000

 


1,197,000

Net cash (used in) provided by
investing activities

 


5,000

 


1,197,000

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(49,587)

 


1,108,431

Cash and cash equivalents, beginning

 

884,427

 

5,774,634

Cash and cash equivalents, ending

$

834,840

$

6,883,065

 


The accompanying notes are an integral part of this condensed statement

 

 











 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 29

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(138,179)

$

152,505

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


-

 


(199,000)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


(1,500)

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


(91,860)

 


(211,180)

Net cash (used in) provided by 
operating activities

 


(230,039)

 


(259,175)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


-

 


199,000

Net cash (used in) provided by
investing activities

 


-

 


199,000

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(230,039)

 


(60,175)

Cash and cash equivalents, beginning

 

618,758

 

501,274

Cash and cash equivalents, ending

$

388,719

$

441,099

 


The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 30

 

   

2016

 

2015

Cash flows from operating activities:

Net income (loss)

$

(76,092)

$

210,036

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


-

 


(273,454)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


3,000

Decrease (Increase) in other
   assets

 


-

 


500

(Decrease) Increase in accounts
   payable affiliates

 


52,263

 


(5,507)

Net cash (used in) provided by 
operating activities

 


(23,829)

 


(65,425)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


-

 


324,454

Net cash (used in) provided by
investing activities

 


-

 


324,454

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(23,829)

 


259,029

Cash and cash equivalents, beginning

 

304,293

 

322,775

Cash and cash equivalents, ending

$

280,464

$

581,804

 


The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 31

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

640,931

$

1,102,493

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


(791,947)

 


(1,256,102)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


(3,000)

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


-

 


(2,902,513)

Net cash (used in) provided by 
operating activities

 


(154,016)

 


(3,056,122)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


169,000

 


1,256,102

Net cash provided by
investing activities

 


169,000

 


1,256,102

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


14,984

 


(1,800,020)

Cash and cash equivalents, beginning

 

1,351,761

 

3,106,480

Cash and cash equivalents, ending

$

1,366,745

$

1,306,460

 


The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 32

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(105,524)

$

639,273

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


(48,900)

 


(825,886)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


(4,500)

 


6,007

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


(627,550)

 


42,422

Net cash (used in) provided by 
operating activities

 


(786,474)

 


(138,184)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


48,900

 


825,886

Net cash provided by
investing activities

 


48,900

 


825,886

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(737,574)

 


687,702

Cash and cash equivalents, beginning

 

1,061,685

 

354,807

Cash and cash equivalents, ending

$

324,111

$

1,042,509

 


The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 33

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(69,176)

$

1,026,771

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


-

 


(1,097,000)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


(650)

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


(850,806)

 


(51,210)

Net cash (used in) provided by 
operating activities

 


(919,982)

 


(122,089)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


-

 


1,097,000

Net cash (used in) provided by
investing activities

 


-

 


1,097,000

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(919,982)

 


974,911

Cash and cash equivalents, beginning

 

1,266,455

 

281,704

Cash and cash equivalents, ending

$

346,473

$

1,256,615

 

 

The accompanying notes are an integral part of this condensed statement

 




 









 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 34

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

578,600

$

24,267

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


(630,691)

 


(37,000)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


4,230

 


(5,802)

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


(366,202)

 


(463,312)

Net cash (used in) provided by 
operating activities

 


(414,063)

 


(481,847)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


630,691

 


37,000

Net cash (used in) provided by
investing activities

 


630,691

 


37,000

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


216,628

 


(444,847)

Cash and cash equivalents, beginning

 

674,173

 

838,027

Cash and cash equivalents, ending

$

890,801

$

393,180

 


The accompanying notes are an integral part of this condensed statement

 

 

 

 











 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 35

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

2,484,350

$

858,971

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


(2,543,187)

 


(972,250)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


1,770

 


(1,500)

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


(1,386,580)

 


102,212

Net cash (used in) provided by 
operating activities

 


(1,443,647)

 


(12,567)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 

 


2,543,187

 


972,250

Net cash (used in) provided by
investing activities

 


2,543,187

 


972,250

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


1,099,540

 


959,683

Cash and cash equivalents, beginning

 

1,693,223

 

231,626

Cash and cash equivalents, ending

$

2,792,763

$

1,191,309

 


The accompanying notes are an integral part of this condensed statement

 

 

 

 

 










 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 36

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

2,485,479

$

439,587

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


(2,503,252)

 


(553,111)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


(2,500)

 


13,243

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


(532,657)

 


74,360

Net cash (used in) provided by 
operating activities

 


(552,930)

 


(25,921)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


2,503,252

 


553,111

Net cash (used in) provided by
investing activities

 


2,503,252

 


553,111

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


1,950,322

 


527,190

Cash and cash equivalents, beginning

 

979,340

 

430,583

Cash and cash equivalents, ending

$

2,929,662

$

957,773

 


The accompanying notes are an integral part of this condensed statement

 

 

 


 










 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 37

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

1,823,054

$

(129,026)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


(1,934,639)

 


-

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


(1,024)

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


100,179

 


117,990

Net cash (used in) provided by 
operating activities

 


(11,406)

 


(12,060)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


1,934,639

 


-

Net cash (used in) provided by
investing activities

 


1,934,639

 


-

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


1,923,233

 


(12,060)

Cash and cash equivalents, beginning

 

340,689

 

345,467

Cash and cash equivalents, ending

$

2,263,922

$

333,407

 


The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 38

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

1,739,974

$

(137,993)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


(1,795,010)

 


-

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


(4,779)

 

 

-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


76,230

 


98,300

Net cash (used in) provided by 
operating activities

 


16,415

 


(39,693)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


1,795,010

 


-

Net cash (used in) provided by
investing activities

 


1,795,010

 


-

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


1,811,425

 


(39,693)

Cash and cash equivalents, beginning

 

333,474

 

280,864

Cash and cash equivalents, ending

$

2,144,899

$

241,171

 


The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 39

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

44,940

$

(107,508)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


(122,100)

 


-

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


(4,894)

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


(51,654)

 


64,456

Net cash (used in) provided by 
operating activities

 


(133,708)

 


(43,052)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


122,100

 


-

Net cash (used in) provided by
investing activities

 


122,100

 


-

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(11,608)

 


(43,052)

Cash and cash equivalents, beginning

 

313,691

 

166,118

Cash and cash equivalents, ending

$

302,083

$

123,066

 


The accompanying notes are an integral part of this condensed statement

 

 

 

 

 










 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 40

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(85,804)

$

587,060

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


(49,000)

 


(762,011)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


42,200

 


14,141

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


(180,817)

 


153,894

Net cash (used in) provided by 
operating activities

 


(273,421)

 


(6,916)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


49,000

 


762,011

-

-

Net cash (used in) provided by
investing activities

 


49,000

 


762,011

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(224,421)

 


755,095

Cash and cash equivalents, beginning

 

510,705

 

97,731

Cash and cash equivalents, ending

$

286,284

$

852,826

 


The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 41

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(195,268)

$

313,301

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


-

 


(457,440)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


8,782

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


68,444

 


(186,989)

Net cash (used in) provided by 
operating activities

 


(126,824)

 


(322,346)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


-

 


457,440

Net cash (used in) provided by
investing activities

 


-

 


457,440

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(126,824)

 


135,094

Cash and cash equivalents, beginning

 

331,029

 

158,957

Cash and cash equivalents, ending

$

204,205

$

294,051

 


The accompanying notes are an integral part of this condensed statement

 


Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 42

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(160,623)

$

3,164,689

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


-

 


(3,214,695)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


47,686

Decrease (Increase) in other
   assets

 


-

 

 

-

(Decrease) Increase in accounts
   payable affiliates

 


(2,141,040)

 


(221,593)

Net cash (used in) provided by 
operating activities

 


(2,301,663)

 


(223,913)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


-

 


3,254,655

Net cash (used in) provided by
investing activities

 


-

 


3,254,655

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(2,301,663)

 


3,030,742

Cash and cash equivalents, beginning

 

3,412,757

 

420,023

Cash and cash equivalents, ending

$

1,111,094

$

3,450,765

 


The accompanying notes are an integral part of this condensed statement

 


Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 43

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(178,758)

$

2,335,167

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


-

 


(2,492,094)

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


29,636

Decrease (Increase) in other
   assets

 


-

 


2,827

(Decrease) Increase in accounts
   payable affiliates

 


(2,029,791)

 


148,415

Net cash (used in) provided by 
operating activities

 


(2,208,549)

 


23,951

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


-

 


2,492,094

Net cash (used in) provided by
investing activities

 


-

 


2,492,094

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(2,208,549)

 


2,516,045

Cash and cash equivalents, beginning

 

2,886,991

 

354,147

Cash and cash equivalents, ending

$

678,442

$

2,870,192

 

 

The accompanying notes are an integral part of this condensed statement

 

 










 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 44

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(195,483)

$

(183,901)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


-

 


-

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


-

Decrease (Increase) in other
   assets

 


-

 


(82,095)

(Decrease) Increase in accounts
   payable affiliates

 


192,398

 


291,922

Net cash (used in) provided by 
operating activities

 


(3,085)

 


25,926

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


-

 


-

Net cash (used in) provided by
investing activities

 


-

 


-

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


(3,085)

 


25,926

Cash and cash equivalents, beginning

 

44,503

 

9,744

Cash and cash equivalents, ending

$

41,418

$

35,670

 


The accompanying notes are an integral part of this condensed statement

 

 













 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)


Series 45

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

(188,266)

$

(252,043)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


-

Share of (income) loss from 
   Operating Partnerships

 


-

 


81,540

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 


2,500

 


516,048

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


228,968

 


224,518

Net cash (used in) provided by 
operating activities

 


43,202

 


570,063

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


-

 


-

Net cash (used in) provided by
investing activities

 


-

 


-

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


43,202

 


570,063

Cash and cash equivalents, beginning

 

748,100

 

147,398

Cash and cash equivalents, ending

$

791,302

$

717,461

 


The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)


Series 46

 

   

2016

 

2015

Cash flows from operating activities:

       

Net income (loss)

$

222,881

$

(367,164)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

       

Distributions from Operating
   Partnerships

 


-

 


3,589

Share of (income) loss from 
   Operating Partnerships

 


(393,183)

 


179,394

Changes in assets and liabilities

       

(Decrease) Increase in accounts
   payable and accrued expenses

 

 


-

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


183,785

 


162,146

Net cash (used in) provided by 
operating activities

 


13,483

 


(22,035)

Cash flows from investing activities:

       

Proceeds from the disposition of     Operating Partnerships

 


393,183

 


-

Net cash (used in) provided by
investing activities

 


393,183

 


-

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


406,666

 


(22,035)

Cash and cash equivalents, beginning

 

243,277

 

255,224

Cash and cash equivalents, ending

$

649,943

$

233,189

 


The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
December 31, 2016
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring and, as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates IV L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner of the Fund is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC IV Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. 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.

 

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

 

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

NOTE A - ORGANIZATION (continued)

Series

Closing Date

BACs Sold

Equity Raised

Series 29

June 10, 1997

3,991,800

$39,918,000

Series 30

September 10, 1997

2,651,000

$26,490,750

Series 31

January 18, 1998

4,417,857

$44,057,750

Series 32

June 23, 1998

4,754,198

$47,431,000

Series 33

September 21, 1998

2,636,533

$26,362,000

Series 34

February 11, 1999

3,529,319

$35,273,000

Series 35

June 28, 1999

3,300,463

$33,004,630

Series 36

September 28, 1999

2,106,838

$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.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2016 and for the three and nine 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, 2016.

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner of the Fund, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management Limited Partnership as follows:

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended December 31, 2016 and 2015, are as follows:

 

 

2016

2015

Series 20

$   5,535

$   8,238

Series 21

2,718

2,718

Series 22

7,302

9,363

Series 23

9,270

14,202

Series 24

12,588

12,588

Series 25

5,934

5,934

Series 26

22,545

24,717

Series 27

25,794

38,358

Series 28

8,844

22,389

Series 29

20,547

20,547

Series 30

17,421

19,872

Series 31

37,521

40,551

Series 32

43,080

47,594

Series 33

16,398

16,398

Series 34

16,707

29,661

Series 35

22,065

32,115

Series 36

7,626

33,120

Series 37

26,424

39,330

Series 38

34,779

41,100

Series 39

13,623

31,485

Series 40

33,579

50,004

Series 41

56,148

56,148

Series 42

42,870

42,870

Series 43

57,693

57,693

Series 44

57,825

63,657

Series 45

70,800

70,800

Series 46

 59,021

 62,382

 

$734,657

$893,834

     

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the nine months ended December 31, 2016 and 2015 are as follows:

2016

2015

Series 20

$        -

$   95,580

Series 21

150,000

-

Series 24

37,764

37,764

Series 25

17,802

17,802

Series 26

70,531

79,261

Series 27

90,648

115,074

Series 28

35,835

76,233

Series 29

153,500

278,493

Series 30

-

72,630

Series 31

112,563

3,034,919

Series 32

756,790

118,416

Series 33

900,000

53,079

Series 34

291,000

552,727

Series 35

1,460,603

-

Series 36

571,611

25,000

Series 38

32,421

25,000

Series 39

102,774

29,999

Series 40

287,722

-

Series 41

100,000

-

Series 42

2,269,650

153,508

Series 43

 2,202,870

50,000

Series 46

        -

    25,000

 

$9,644,084

$4,840,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2016 and 2015, the Fund has limited partnership interests in 219 and 272 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at December 31, 2016 and 2015 are as follows:

 

2016

2015

Series 20

3

4

Series 21

2

2

Series 22

3

4

Series 23

5

7

Series 24

6

6

Series 25

4

4

Series 26

13

14

Series 27

5

7

Series 28

5

10

Series 29

8

8

Series 30

8

8

Series 31

10

18

Series 32

8

10

Series 33

5

5

Series 34

4

8

Series 35

4

7

Series 36

3

8

Series 37

3

6

Series 38

6

10

Series 39

3

8

Series 40

11

15

Series 41

18

18

Series 42

15

15

Series 43

19

19

Series 44

7

8

Series 45

27

28

Series 46

 14

 15

 

219

272

 

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 December 31, 2016 and 2015, are as follows:

2016

2015

Series 22

$      -

$  8,659

Series 29

8,235

8,235

Series 30

105,139

105,139

Series 31

66,294

66,294

Series 32

1,229

1,229

Series 33

69,154

69,154

Series 37

138,438

138,438

Series 40

102

102

Series 41

100

100

Series 42

73,433

73,433

Series 43

99,265

99,265

Series 45

 16,724

 16,724

 

$578,113

$586,772

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

 

During the nine months ended December 31, 2016 the Fund disposed of thirty-nine Operating Partnerships. A summary of the dispositions by Series for December 31, 2016 is as follows:

 

 

Operating Partnership Interest Transferred

 

Sale of Underlying Operating Partnership

 

Fund Proceeds from Disposition *

 

Gain on Disposition

Series 20

-

1

$

138,000

$

138,000

Series 23

1

 

-

   

3,550

   

3,550

Series 26

1

 

-

   

18,500

   

18,500

Series 27

1

 

1

   

3,016,000

   

3,016,000

Series 28

1

 

-

   

5,000

   

5,000

Series 31

7

 

-

   

169,000

   

791,947

Series 32

2

 

-

   

48,900

   

48,900

Series 34

3

 

-

   

630,691

   

630,691

Series 35

1

 

1

   

2,543,187

   

2,543,187

Series 36

3

 

1

   

2,503,252

   

2,503,252

Series 37

3

 

-

   

1,934,639

   

1,934,639

Series 38

1

 

1

   

1,795,010

   

1,795,010

Series 39

4

 

-

   

122,100

   

122,100

Series 40

3

 

-

   

49,000

   

49,000

Series 44

-

 

1

   

-

   

-

Sereis 45

1

 

-

   

-

   

-

Series 46

-

 

1

   

393,183

   

393,183

Total

32

 

7

 

$

13,370,012

 

$

13,992,959

* Fund proceeds from disposition does not include $622,947 recorded as a receivable as of December 31, 2016, for Series 31.

 

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.





 

 

 






 



Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

 

During the nine months ended December 31, 2015 the Fund disposed of thirty-four Operating Partnerships. A summary of the dispositions by Series for December 31, 2015 is as follows:

 

 

Operating Partnership Interest Transferred

 

Sale of Underlying Operating Partnership

 

Fund Proceeds from Disposition *

 

Gain on Disposition

Series 21

2

 

-

 

$

326,273

 

$

326,273

Series 22

2

 

-

   

232,296

   

232,989

Series 23

2

 

-

   

215,459

   

215,459

Series 24

-

 

-

   

96,715

   

16,675

Series 26

3

 

-

   

128,000

   

59,000

Series 28

1

 

-

   

1,197,000

   

1,197,000

Series 29

1

 

1

   

199,000

   

199,000

Series 30

3

 

-

   

324,454

   

273,454

Series 31

1

 

-

   

1,256,102

   

1,256,102

Series 32

-

 

1

   

825,886

   

825,886

Series 33

1

 

-

   

1,097,000

   

1,097,000

Series 34

1

 

-

   

37,000

   

37,000

Series 35

1

 

1

   

972,250

   

972,250

Series 36

1

 

-

   

553,111

   

553,111

Series 39

1

 

-

   

-

   

-

Series 40

1

 

-

   

762,011

   

762,011

Series 41

1

 

-

   

457,440

   

457,440

Series 42

5

 

-

   

3,254,655

   

3,214,695

Series 43

4

 

-

   

2,492,094

   

2,492,094

Total

31

 

3

 

$

14,426,746

 

$

14,187,439

 

* Fund proceeds from disposition include $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively, recorded as a receivable as of March 31, 2015. Fund proceeds from disposition does not include $693 which was due to a writeoff of capital contribution payable Series 22.

 

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.












Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

 

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the nine months ended September 30, 2016.

 

 

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

 

2016

2015

     

Revenues

   
 

Rental

$  51,924,209

$  65,767,029

 

Interest and other

   2,034,484

   1,898,076

 

  53,958,693

  67,665,105

     

Expenses

   
 

Interest

9,129,281

11,384,480

 

Depreciation and amortization

14,396,782

18,048,139

 

Operating expenses

  37,800,040

  45,011,409

 

  61,326,103

  74,444,028

     

NET LOSS

$ (7,367,410)

$ (6,778,923)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (7,293,736)


$ (6,711,134)

     

Net loss allocated to other
Partners


$    (73,674)


$    (67,789)

 

* Amounts include $(7,293,736) and $(6,450,200) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 20

 

 

 

2016

2015

Revenues

   
 

Rental

$   467,857

$   625,194

 

Interest and other

    25,198

    29,461

 

   493,055

   654,655

     

Expenses

   
 

Interest

50,048

70,360

 

Depreciation and amortization

122,081

146,321

 

Operating expenses

   371,567

   470,745

 

   543,696

   687,426

     

NET LOSS

$  (50,641)

$  (32,771)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (50,135)


$  (32,443)

     

Net loss allocated to other
Partners


$     (506)


$     (328)

 

* Amounts include $(50,135) and $(32,443) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 21

 

 

 

2016

2015

Revenues

   
 

Rental

$   379,750

$   412,631

 

Interest and other

     2,462

     3,145

 

   382,212

   415,776

     

Expenses

   
 

Interest

36,545

56,566

 

Depreciation and amortization

62,275

72,153

 

Operating expenses

   284,189

   330,674

 

   383,009

   459,393

     

NET LOSS

$     (797)

$  (43,617)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$     (789)


$  (43,181)

     

Net loss allocated to other
Partners


$       (8)


$     (436)

 

* Amounts include $(789) and $(43,181) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 22


 

2016

2015

Revenues

   
 

Rental

$   380,419

$   633,717

 

Interest and other

    15,355

    17,074

 

   395,774

   650,791

     

Expenses

   
 

Interest

38,301

82,718

 

Depreciation and amortization

84,013

154,307

 

Operating expenses

   322,022

   469,496

 

   444,336

   706,521

     

NET LOSS

$  (48,562)

$  (55,730)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (48,076)


$  (55,173)

     

Net loss allocated to other
Partners


$     (486)


$     (557)

 

* Amounts include $(48,076) and $(55,173) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 23


 

2016

2015

Revenues

   
 

Rental

$ 1,404,840

$ 1,989,399

 

Interest and other

    48,308

    62,625

 

 1,453,148

 2,052,024

     

Expenses

   
 

Interest

114,138

210,045

 

Depreciation and amortization

468,885

452,570

 

Operating expenses

 1,146,498

 1,554,080

 

 1,729,521

 2,216,695

     

NET LOSS

$ (276,373)

$ (164,671)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (273,608)


$ (163,023)

     

Net loss allocated to other
Partners


$   (2,765)


$   (1,648)

 

* Amounts include $(273,608) and $(163,023) for 2016 and 2015, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 24


 

2016

2015

Revenues

   
 

Rental

$   770,493

$   762,627

 

Interest and other

    14,924

    14,594

 

   785,417

   777,221

     

Expenses

   
 

Interest

68,965

70,845

 

Depreciation and amortization

205,010

205,103

 

Operating expenses

   606,482

   618,978

 

   880,457

   894,926

     

NET LOSS

$  (95,040)

$ (117,705)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (94,090)


$ (116,528)

     

Net loss allocated to other
Partners


$     (950)


$   (1,177)

 

* Amounts include $(94,090) and $(116,528) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 25


2016

2015

Revenues

 

Rental

$   644,357

$   654,445

 

Interest and other

    20,795

    14,890

 

   665,152

   669,335

     

Expenses

   
 

Interest

76,186

102,668

 

Depreciation and amortization

121,323

116,496

 

Operating expenses

   494,613

   480,614

 

   692,122

   699,778

     

NET LOSS

$  (26,970)

$  (30,443)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (26,700)


$  (30,139)

     

Net loss allocated to other
Partners


$     (270)


$     (304)

 

* Amounts include $(26,700) and $(30,139) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 26


 

2016

2015

Revenues

   
 

Rental

$ 1,680,959

$ 1,867,008

 

Interest and other

    37,896

    39,628

 

 1,718,855

 1,906,636

     

Expenses

   
 

Interest

272,097

282,844

 

Depreciation and amortization

432,391

484,378

 

Operating expenses

 1,446,677

 1,483,678

 

 2,151,165

 2,250,900

     

NET LOSS

$ (432,310)

$ (344,264)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (427,987)


$ (340,821)

     

Net loss allocated to other
Partners


$   (4,323)


$   (3,443)

 

* Amounts include $(427,987) and $(340,821) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 27


 

2016

2015

Revenues

   
 

Rental

$ 2,048,745

$ 3,191,905

 

Interest and other

     9,002

    33,413

 

 2,057,747

 3,225,318

     

Expenses

   
 

Interest

363,382

641,547

 

Depreciation and amortization

455,020

656,723

 

Operating expenses

 1,396,897

 1,940,238

 

 2,215,299

 3,238,508

     

NET LOSS

$ (157,552)

$  (13,190)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (155,976)


$  (13,058)

     

Net loss allocated to other
Partners


$   (1,576)


$     (132)

 

* Amounts include $(155,976) and $(13,058) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 28


 

2016

2015

Revenues

   
 

Rental

$    736,324

$  1,597,578

 

Interest and other

     14,925

     30,442

 

    751,249

  1,628,020

     

Expenses

   
 

Interest

113,463

128,469

 

Depreciation and amortization

173,079

507,429

 

Operating expenses

    655,453

  1,302,916

 

    941,995

  1,938,814

     

NET LOSS

$  (190,746)

$  (310,794)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (188,839)


$  (307,686)

     

Net loss allocated to other
Partners


$    (1,907)


$    (3,108)

 

* Amounts include $(188,839) and $(307,686) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 29

 

 

 

2016

2015

Revenues

   
 

Rental

$  1,423,670

$  1,503,300

 

Interest and other

    108,448

     81,360

 

  1,532,118

  1,584,660

     

Expenses

   
 

Interest

307,632

279,909

 

Depreciation and amortization

367,084

397,214

 

Operating expenses

  1,153,171

  1,201,704

 

  1,827,887

  1,878,827

     

NET LOSS

$  (295,769)

$  (294,167)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (292,811)


$  (291,225)

     

Net loss allocated to other
Partners


$    (2,958)


$    (2,942)

 

* Amounts include $(292,811) and $(291,225) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 30


 

2016

2015

Revenues

   
 

Rental

$ 1,124,928

$ 1,593,010

 

Interest and other

    81,835

    37,824

 

 1,206,763

 1,630,834

     

Expenses

   
 

Interest

132,921

185,154

 

Depreciation and amortization

303,986

363,534

 

Operating expenses

   927,999

 1,250,591

 

 1,364,906

 1,799,279

     

NET LOSS

$ (158,143)

$ (168,445)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (156,562)


$ (166,761)

     

Net loss allocated to other
Partners


$   (1,581)


$   (1,684)

 

* Amounts include $(156,562) and $(166,761) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 31


 

2016

2015

Revenues

   
 

Rental

$  2,384,452

$  3,483,340

 

Interest and other

    188,273

    142,231

 

  2,572,725

  3,625,571

     

Expenses

   
 

Interest

236,725

392,961

 

Depreciation and amortization

707,858

898,755

 

Operating expenses

  1,911,268

  2,720,339

 

  2,855,851

  4,012,055

     

NET LOSS

$  (283,126)

$  (386,484)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (280,295)


$  (382,619)

     

Net loss allocated to other
Partners


$    (2,831)


$    (3,865)

 

* Amounts include $(280,295) and $(382,619) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 32


 

2016

2015

Revenues

   
 

Rental

$  2,468,262

$  2,899,025

 

Interest and other

    278,117

     95,692

 

  2,746,379

  2,994,717

     

Expenses

   
 

Interest

388,448

495,696

 

Depreciation and amortization

779,977

982,552

 

Operating expenses

  2,010,447

  2,070,189

 

  3,178,872

  3,548,437

     

NET LOSS

$  (432,493)

$  (553,720)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (428,168)


$  (548,183)

     

Net loss allocated to other
Partners


$    (4,325)


$    (5,537)

* Amounts include $(428,168) and $(548,183) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 33


 

2016

2015

Revenues

   
 

Rental

$ 1,030,707

$ 1,028,998

 

Interest and other

    34,834

    25,484

 

 1,065,541

 1,054,482

     

Expenses

   
 

Interest

173,255

163,396

 

Depreciation and amortization

284,822

315,110

 

Operating expenses

   777,630

   690,920

 

 1,235,707

 1,169,426

     

NET LOSS

$ (170,166)

$ (114,944)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (168,464)


$ (113,795)

     

Net loss allocated to other
Partners


$   (1,702)


$   (1,149)

 

* Amounts include $(168,464) and $(113,795) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 34


 

2016

2015

Revenues

   
 

Rental

$ 1,029,229

$ 2,121,392

 

Interest and other

    32,598

    53,366

 

 1,061,827

 2,174,758

     

Expenses

   
 

Interest

156,982

343,926

 

Depreciation and amortization

283,865

549,519

 

Operating expenses

   841,070

 1,444,709

 

 1,281,917

 2,338,154

     

NET LOSS

$ (220,090)

$ (163,396)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (217,889)


$ (161,762)

     

Net loss allocated to other
Partners


$   (2,201)


$   (1,634)

 

* Amounts include $(217,889) and $(161,762) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 35


 

2016

2015

Revenues

   
 

Rental

$ 1,684,024

$ 2,381,236

 

Interest and other

    60,075

    80,234

 

 1,744,099

 2,461,470

     

Expenses

   
 

Interest

329,373

473,467

 

Depreciation and amortization

602,766

706,801

 

Operating expenses

 1,057,585

 1,406,076

 

 1,989,724

 2,586,344

     

NET LOSS

$ (245,625)

$ (124,874)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (243,169)


$ (123,625)

     

Net loss allocated to other
Partners


$   (2,456)


$   (1,249)

 

* Amounts include $(243,169) and $(123,625) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 36


 

2016

2015

Revenues

   
 

Rental

$   473,966

$ 2,068,949

 

Interest and other

    13,853

    40,551

 

   487,819

 2,109,500

     

Expenses

   
 

Interest

87,368

374,855

 

Depreciation and amortization

146,670

645,000

 

Operating expenses

   367,176

 1,384,211

 

   601,214

 2,404,066

     

NET LOSS

$ (113,395)

$ (294,566)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (112,261)


$ (291,620)

     

Net loss allocated to other
Partners


$   (1,134)


$   (2,946)

 

* Amounts include $(112,261) and $(291,620) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 37

 

 

 

2016

2015

Revenues

   
 

Rental

$ 1,824,071

$ 3,000,864

 

Interest and other

    93,131

    68,814

 

 1,917,202

 3,069,678

     

Expenses

   
 

Interest

390,254

506,694

 

Depreciation and amortization

622,199

851,138

 

Operating expenses

 1,368,577

 2,184,201

 

 2,381,030

 3,542,033

     

NET LOSS

$ (463,828)

$ (472,355)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (459,190)


$ (467,631)

     

Net loss allocated to other
Partners


$   (4,638)


$   (4,724)

 

* Amounts include $(459,190) and $(467,631) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 38


 

2016

2015

Revenues

   
 

Rental

$ 2,435,309

$ 2,826,900

 

Interest and other

    67,401

    79,986

 

 2,502,710

 2,906,886

     

Expenses

   
 

Interest

430,695

517,254

 

Depreciation and amortization

583,791

753,870

 

Operating expenses

 1,692,637

 2,007,062

 

 2,707,123

 3,278,186

     

NET LOSS

$ (204,413)

$ (371,300)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (202,369)


$ (367,587)

     

Net loss allocated to other
Partners


$   (2,044)


$   (3,713)

 

* Amounts include $(202,369) and $(367,587) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 39


 

2016

2015

Revenues

   
 

Rental

$ 1,039,650

$ 1,990,949

 

Interest and other

    43,692

    88,823

 

 1,083,342

 2,079,772

     

Expenses

   
 

Interest

214,492

367,901

 

Depreciation and amortization

243,036

550,791

 

Operating expenses

   727,512

 1,462,109

 

 1,185,040

 2,380,801

     

NET LOSS

$ (101,698)

$ (301,029)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (100,681)


$ (298,019)

     

Net loss allocated to other
Partners


$   (1,017)


$   (3,010)

 

* Amounts include $(100,681) and $(298,019) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 40


 

2016

2015

Revenues

   
 

Rental

$ 2,063,291

$ 2,983,773

 

Interest and other

    40,671

    95,760

 

 2,103,962

 3,079,533

     

Expenses

   
 

Interest

431,037

621,410

 

Depreciation and amortization

610,754

953,070

 

Operating expenses

 1,411,808

 1,918,154

 

 2,453,599

 3,492,634

     

NET LOSS

$ (349,637)

$ (413,101)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (346,141)


$ (408,970)

     

Net loss allocated to other
Partners


$   (3,496)


$   (4,131)

 

* Amounts include $(346,141) and $(408,970) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.




















Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 41

 

 

 

2016

2015

Revenues

   
 

Rental

$ 4,092,808

$ 4,126,741

 

Interest and other

   105,538

   129,877

 

 4,198,346

 4,256,618

     

Expenses

   
 

Interest

835,787

800,118

 

Depreciation and amortization

1,017,190

1,072,939

 

Operating expenses

 2,752,748

 2,508,908

 

 4,605,725

 4,381,965

     

NET LOSS

$ (407,379)

$ (125,347)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (403,305)


$ (124,094)

     

Net loss allocated to other
Partners


$   (4,074)


$   (1,253)

* Amounts include $(403,305) and $(124,094) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 42


 

2016

2015

Revenues

   
 

Rental

$ 2,696,145

$ 3,294,785

 

Interest and other

   212,506

   176,480

 

 2,908,651

 3,471,265

     

Expenses

   
 

Interest

575,368

701,395

 

Depreciation and amortization

844,726

1,043,723

 

Operating expenses

 2,089,988

 2,392,392

 

 3,510,082

 4,137,510

     

NET LOSS

$ (601,431)

$ (666,245)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (595,417)


$ (659,583)

     

Net loss allocated to other
Partners


$   (6,014)


$   (6,662)

 

* Amounts include $(595,417) and $(659,583) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 43


 

2016

2015

Revenues

   
 

Rental

$ 3,876,925

$ 4,531,036

 

Interest and other

   164,754

   169,414

 

 4,041,679

 4,700,450

     

Expenses

   
 

Interest

585,992

701,958

 

Depreciation and amortization

1,312,092

1,426,942

 

Operating expenses

 2,959,326

 2,760,784

 

 4,857,410

 4,889,684

     

NET LOSS

$ (815,731)

$ (189,234)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (807,574)


$ (187,342)

     

Net loss allocated to other
Partners


$   (8,157)


$   (1,892)

 

* Amounts include $(807,574) and $(187,342) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 44


 

2016

2015

Revenues

   
 

Rental

$  4,391,077

$  4,430,499

 

Interest and other

    120,037

    114,716

 

  4,511,114

  4,545,215

     

Expenses

   
 

Interest

 1,077,199

1,143,355

 

Depreciation and amortization

1,079,209

1,155,858

 

Operating expenses

  2,519,646

  2,578,407

 

  4,676,054

  4,877,620

     

NET LOSS

$  (164,940)

$  (332,405)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (163,291)


$  (329,081)

     

Net loss allocated to other
Partners


$    (1,649)


$    (3,324)

 

* Amounts include $(163,291) and $(329,081) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 45


 

2016

2015

Revenues

   
 

Rental

$  5,379,892

$  5,417,266

 

Interest and other

    106,730

    105,825

 

  5,486,622

  5,523,091

     

Expenses

   
 

Interest

766,156

763,420

 

Depreciation and amortization

1,506,167

1,507,456

 

Operating expenses

  3,831,853

  3,625,343

 

  6,104,176

  5,896,219

     

NET LOSS

$  (617,554)

$  (373,128)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (611,378)


$  (369,397)

     

Net loss allocated to other
Partners


$    (6,176)


$    (3,731)

 

* Amounts include $(611,378) and $(287,857) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

Boston Capital Tax Credit Fund IV L.P.


NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016
(Unaudited)

 

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

 

Series 46


 

2016

2015

Revenues

   
 

Rental

$ 3,992,059

$ 4,350,462

 

Interest and other

    93,126

    66,367

 

 4,085,185

 4,416,829

     

Expenses

   
 

Interest

876,472

905,549

 

Depreciation and amortization

976,513

1,078,387

 

Operating expenses

 2,675,201

 2,753,891

 

 4,528,186

 4,737,827

     

NET LOSS

$ (443,001)

$ (320,998)

     

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (438,571)


$ (317,788)

     

Net loss allocated to other
Partners


$   (4,430)


$   (3,210)

 

 

* Amounts include $(438,571) and $(138,394) for 2016 and 2015, respectively, of net loss not recognized under the equity method of accounting.

 

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.

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2016

(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for calendar year ended December 31, 2016 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 2012 remain open.

 

NOTE G - SUBSEQUENT EVENTS

 

Subsequent to December 31, 2016, the Fund has entered into an agreement to transfer or sell the interests in five operating limited partnerships. The estimated transferor sale prices and other terms for the dispositions of the operating limited partnerships have been determined. The estimated proceeds to be received for the operating limited partnerships are $3,072,863. The estimated gain on the transfer or sale of the operating limited partnerships are $3,047,277 and are expected to be recognized in the fourth quarter of fiscal year ending March 31, 2017.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, hopes, beliefs, 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, 2016. 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.

 

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 nine months ended December 31, 2016 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 December 31, 2016 were $734,657 and total fund management fees accrued as of December 31, 2016 were $41,363,532. During the nine months ended December 31, 2016, $9,644,084 of the accrued fund management fees were paid. Pursuant to the 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.

















 

Liquidity (continued)

As of December 31, 2016, an affiliate of the general partner of the Fund advanced a total of $478,052 to the Fund to pay some operating expenses of the Fund, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable affiliates. During the nine months ended December 31, 2016, $27,715 was advanced to the Fund from an affiliate of the general partner, and $133,578 was paid from Series 34 back to an affiliate of the general partner. The advances made in the nine months ended, as well as the total advances made as of December 31, 2016, are as follows:

 

 

Current

 
 

Period

Total

Series 39

$      -

$220,455

Series 44

11,147

202,938

Series 45

 16,568

 54,659

 

$ 27,715

$478,052

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.

 

Capital Resources

The Fund offered 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 December 31, 2016.

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 21 of the Operating Partnerships and 3 remain.

Prior to the quarter ended December 31, 2016, 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 12 of the Operating Partnerships and 2 remain.

Prior to the quarter ended December 31, 2016, 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 26 of the Operating Partnerships and 3 remain.

Prior to the quarter ended December 31, 2016, 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 17 of the Operating Partnerships and 5 remain.

Prior to the quarter ended December 31, 2016, Series 23 had released all payments of its capital contributions to the Operating Partnerships.

 

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 18 of the Operating Partnerships and 6 remain.

Prior to the quarter ended December 31, 2016, 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 18 of the Operating Partnerships and 4 remain.

Prior to the quarter ended December 31, 2016, 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 32 of the Operating Partnerships and 13 remain.

Prior to the quarter ended December 31, 2016, 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 11 of the Operating Partnerships and 5 remain.

Prior to the quarter ended December 31, 2016, 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 21 of the Operating Partnerships and 5 remain.

Prior to the quarter ended December 31, 2016, 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 14 of the Operating Partnerships and 8 remain.

During the quarter ended December 31, 2016, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable to 2 Operating Partnerships in the amount of $8,235 as of December 31, 2016. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 30

The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,497,869. Series 30 has since disposed of its interest in 12 of the Operating Partnerships and 8 remain.

During the quarter ended December 31, 2016, Series 30 did not record any releases of capital contributions. Series 30 has outstanding contributions payable to 3 Operating Partnerships in the amount of $105,139 as of December 31, 2016. The remaining contributions will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 31

The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. Series 31 has since disposed of its interest in 17 of the Operating Partnerships and 10 remain.

During the quarter ended December 31, 2016, Series 31 did not record any releases of capital contributions. Series 31 has outstanding contributions payable to 3 Operating Partnerships in the amount of $66,294 as of December 31, 2016. Of the amount outstanding, $25,000 has been funded into an escrow account on behalf of one Operating Partnership. The escrowed funds will be converted to capital and the remaining contributions of $41,294 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

 

Series 32

The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 17 Operating Partnerships in the amount of $34,129,677. Series 32 has since sold its interest in 9 of the Operating Partnerships and 8 remain. The series has also purchased membership interests in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. In December 2010, the investment general partner sold its membership interests and a gain on the sale of the membership interests has been recorded in the amount of $499,998 as of December 31, 2010. Under the terms of these Assignments of Membership Interests dated December 1, 1998, the series is entitled to various profits, losses, tax credits, cash flow, proceeds from capital transactions and capital accounts as defined in the individual Operating Partnership Agreements. The series utilized $1,092,847 of funds available to invest in Operating Partnerships for this investment.

During the quarter ended December 31, 2016, Series 32 did not record any releases of capital contributions. Series 32 has outstanding contributions payable to 1 Operating Partnership in the amount of $1,229 as of December 31, 2016. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

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 5 of the Operating Partnerships and 5 remain.

During the quarter ended December 31, 2016, Series 33 did not record any releases of capital contributions. Series 33 has outstanding contributions payable to 2 Operating Partnerships in the amount of $69,154 as of December 31, 2016. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 34

The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,738,978. Series 34 has since sold its interest in 10 of the Operating Partnerships and 4 remain.

Prior to the quarter ended December 31, 2016, 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 7 of the Operating Partnerships and 4 remain.

Prior to the quarter ended December 31, 2016, Series 35 had released all payments of its capital contributions to the Operating Partnerships.

 

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 8 of the Operating Partnerships and 3 remain.

Prior to the quarter ended December 31, 2016, 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 4 of the Operating Partnerships and 3 remain.


During the quarter ended December 31, 2016, Series 37 did not record any releases of capital contributions. Series 37 has outstanding contributions payable to 1 Operating Partnership in the amount of $138,438 as of December 31, 2016. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

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 4 of the Operating Partnerships and 6 remain. In addition, the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended December 31, 2016, Series 38 had released all payments of its capital contributions to the Operating Partnerships.

 

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 6 of the Operating Partnerships and 3 remain. In addition, the Fund committed and used $192,987 of Series 39 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

 

Prior to the quarter ended December 31, 2016, Series 39 had released all payments of its capital contributions to the Operating Partnerships.

 

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 5 of the Operating Partnerships and 11 remain. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire a membership interest in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended December 31, 2016, Series 40 did not record any releases of capital contributions. Series 40 has outstanding contributions payable to 1 Operating Partnership in the amount of $102 as of December 31, 2016. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

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 5 of the Operating Partnerships and 18 remain. In addition, the Fund committed and used $195,249 of Series 41 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

 

During the quarter ended December 31, 2016, Series 41 did not record any releases of capital contributions. Series 41 has outstanding contributions payable to 1 Operating Partnership in the amount of $100 as of December 31, 2016. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

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 8 of the Operating Partnerships and 15 remain.

During the quarter ended December 31, 2016, Series 42 did not record any releases of capital contributions. Series 42 has outstanding contributions payable to 2 Operating Partnerships in the amount of $73,433 as of December 31, 2016. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $9,757 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

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 June 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 4 of the Operating Partnerships and 19 remain. The Fund also committed and used $805,160 of Series 43 net offering proceeds to acquire membership interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. In addition, the Fund committed and used $268,451 of Series 43 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

 

During the quarter ended December 31, 2016, Series 43 did not record any releases of capital contributions. Series 43 has outstanding contributions payable to 2 Operating Partnerships in the amount of $99,265 as of December 31, 2016. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $35,589 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

 

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 3 of the Operating Partnerships and 7 remain. In addition, the Fund committed and used $164,164 of Series 44 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

 

Prior to the quarter ended December 31, 2016, 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 4 of the Operating Partnerships and 27 remain. In addition, the Fund committed and used $302,862 of Series 45 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

 

During the quarter ended December 31, 2016, Series 45 did not record any releases of capital contributions. Series 45 has outstanding contributions payable to 1 Operating Partnership in the amount of $16,724 as of December 31, 2016. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

 

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 1 of the Operating Partnerships and 14 remain. In addition, the Fund committed and used $228,691 of Series 46 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

 

Prior to the quarter ended December 31, 2016, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Results of Operations

As of December 31, 2016 and 2015, the Fund held limited partnership interests in 219 and 272 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 incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the three and nine months ended December 31, 2016, are as follows:

 

3 Months
Fund Management Fee Net
of Asset Management and
Reporting Fee

Series 20

$  5,535

$   333

$  5,202

Series 21

2,718

-

2,718

Series 22

7,302

-

7,302

Series 23

9,270

-

9,270

Series 24

12,588

730

11,858

Series 25

5,934

750

5,184

Series 26

22,545

841

21,704

Series 27

25,794

4,000

21,794

Series 28

8,844

15,000

(6,156)

Series 29

20,547

3,951

16,596

Series 30

17,421

2,400

15,021

Series 31

37,521

-

37,521

Series 32

43,080

-

43,080

Series 33

16,398

-

16,398

Series 34

16,707

4,115

12,592

Series 35

22,065

885

21,180

Series 36

7,626

-

7,626

Series 37

26,424

-

26,424

Series 38

34,779

7,200

27,579

Series 39

13,623

-

13,623

Series 40

33,579

-

33,579

Series 41

56,148

6,708

49,440

Series 42

42,870

364

42,506

Series 43

57,693

4,000

53,693

Series 44

57,825

(2,187)

60,012

Series 45

70,800

12,780

58,020

Series 46

 59,021

11,276

 47,745

 

$734,657

$73,146

$661,511

 

 

 

 

 

 

 

 


9 Months
Gross Fund
Management Fee


9 Months
Asset Management and
Reporting Fee

9 Months
Fund Management Fee Net
of Asset Management and
Reporting Fee

Series 20

$   19,308

$  1,233

$   18,075

Series 21

8,154

2,051

6,103

Series 22

21,906

500

21,406

Series 23

28,092

5,080

23,012

Series 24

37,764

5,357

32,407

Series 25

17,802

6,460

11,342

Series 26

70,531

5,341

65,190

Series 27

90,648

16,630

74,018

Series 28

35,835

23,000

12,835

Series 29

61,640

7,655

53,985

Series 30

52,263

10,216

42,047

Series 31

112,563

5,500

107,063

Series 32

129,240

13,460

115,780

Series 33

49,194

7,670

41,524

Series 34

58,376

29,315

29,061

Series 35

74,023

40,844

33,179

Series 36

38,954

41,910

(2,956)

Series 37

100,179

10,518

89,661

Series 38

108,651

21,354

87,297

Series 39

51,120

4,200

46,920

Series 40

106,905

9,275

97,630

Series 41

168,444

14,456

153,988

Series 42

128,610

7,686

120,924

Series 43

173,079

37,390

135,689

Series 44

181,251

1,000

180,251

Series 45

212,400

45,461

166,939

Series 46

  183,785

 22,944

  160,841

 

$2,320,717

$396,506

$1,924,211

 

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

Series 20

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 20 reflects a net loss from Operating Partnerships of $(50,641) and $(32,771), respectively, which includes depreciation and amortization of $122,081 and $146,321, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In March 2016, the operating general partner of Franklinton Elderly Housing entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 14, 2016. The sales price of the property was $1,655,869, which included the outstanding mortgage balance of approximately $1,514,869 and cash proceeds to the investment partnership of $141,000. Of the total proceeds received by the investment partnership, $3,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $138,000 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $138,000 as of September 30, 2016.

 

Series 21

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 21 reflects a net loss from Operating Partnerships of $(797) and $(43,617), respectively, which includes depreciation and amortization of $62,275 and $72,153, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In June 2015, the investment general partner transferred its interest in Centrum - Fairfax Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,185,225 and cash proceeds to the investment partnership of $331,096. Of the total proceeds received, $8,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $323,096 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $323,096 as of June 30, 2015.

 

In August 2015, the investment general partner transferred its interest in Fort Halifax Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $913,861 and cash proceeds to the investment partnership of $3,177. The total proceeds of approximately $3,177 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $3,177 as of September 30, 2015.

 

Series 22

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 22 reflects a net loss from Operating Partnerships of $(48,562) and $(55,730), respectively, which includes depreciation and amortization of $84,013 and $154,307, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In August 2015, the investment general partner transferred their respective interests in Birch Ridge Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,661,182 and cash proceeds to the investment partnerships of $231,966 and $214,257 for Series 22 and Series 23, respectively. Of the total proceeds received, $1,263 and $1,167 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $230,703 and $213,090 for Series 22 and Series 23, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Accordingly, 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 $230,703 and $213,090 for Series 22 and Series 23, respectively, as of September 30, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $693 for Series 22 was recorded as gain on the sale of the Operating Partnership as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in Swedesboro Housing to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,331,558 and cash proceeds to the investment partnership of $1,593. The total proceeds of approximately $1,593 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $1,593 as of September 30, 2015.

In February 2016, the investment general partner transferred its interest in Elks Tower Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $583,910 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,500 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $6,500 as of March 31, 2016. In addition, equity outstanding for the Operating Partnership in the amount of $8,659 was recorded as gain on the sale of the Operating Partnership as of March 31, 2016.

 

Series 23

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 23 reflects a net loss from Operating Partnerships of $(276,373) and $(164,671), respectively, which includes depreciation and amortization of $468,885 and $452,570, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In August 2015, the investment general partner transferred their respective interests in Birch Ridge Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,661,182 and cash proceeds to the investment partnerships of $231,966 and $214,257 for Series 22 and Series 23, respectively. Of the total proceeds received, $1,263 and $1,167 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $230,703 and $213,090 for Series 22 and Series 23, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Accordingly, 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 $230,703 and $213,090 for Series 22 and Series 23, respectively, as of September 30, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $693 for Series 22 was recorded as gain on the sale of the Operating Partnership as of September 30, 2015.

 

In July 2015 the investment general partner transferred its interest in Hurleyville Housing to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,020,330 and cash proceeds to the investment partnership of $2,369. The total proceeds of approximately $2,369 were returned to cash reserves held by Series 23. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $2,369 as of September 30, 2015.

 

In February 2016, the investment general partner transferred its interest in Village Woods Estates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,458,813 and cash proceeds to the investment partnership of $40,000. Of the total proceeds received, $8,030 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $31,970 were returned to cash reserves held by Series 23. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $31,970 as of March 31, 2016.

 

In June 2016, the investment general partner of Boston Capital Tax Credit Fund III - Series 16 and Series 23 transferred their respective interests in Mid City Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,890,361 and cash proceeds to the investment partnerships of $124,955 and $4,545, for Series 16 and Series 23, respectively. Of the total proceeds received, $27,340 and $995, for Series 16 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $97,615 and $3,550, for Series 16 and Series 23, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $97,615 and $3,550, for Series 16 and Series 23, respectively, as of June 30, 2016.

 

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

 

Colonna Redevelopment Company

 

Series 24

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

 

For the nine month periods ended December 31, 2016 and 2015, Series 24 reflects a net loss from Operating Partnerships of $(95,040) and $(117,705), respectively, which includes depreciation and amortization of $205,010 and $205,103, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In November 2014, the operating general partner of Commerce Parkway Limited Dividend Housing Associates approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 30, 2015. The sales price of the property was $2,000,000, which included the outstanding mortgage balance of approximately $1,313,275 and cash proceeds to the investment partnerships of $208,661 and $104,174 for Series 24 and Series 42, respectively.  Of the total proceeds received by the investment partnerships, $78,039 and $38,961 for Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale.  Of the remaining proceeds, $3,335 and $1,665 for Series 24 and Series 42, respectively was paid to BCAMLP for expenses related to the sale, which include third party legal costs.  The remaining proceeds from the sale of $127,287 and $63,548 for Series 24 and Series 42, respectively, were returned to cash reserves.  The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $127,287 and $63,548 for Series 24 and Series 42, respectively, as of March 31, 2015. On April 8, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership's cash in the amount of $80,040 and $39,960 for Series 24 and Series 42, respectively, which was recorded as a receivable as of March 31, 2015 and returned to the cash reserves. On August 18, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership's final reconciliation of cash in the amount of $16,675 and $8,325 for Series 24 and Series 42, respectively, which were returned to the cash reserves.

 

Series 25

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

 

For the nine month periods ended December 31, 2016 and 2015, Series 25 reflects a net loss from Operating Partnerships of $(26,970) and $(30,443), respectively, which includes depreciation and amortization of $121,323 and $116,496, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

Series 26

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 13 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 26 reflects a net loss from Operating Partnerships of $(432,310) and $(344,264), respectively, which includes depreciation and amortization of $432,391 and $484,378, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In March 2015, the investment general partner transferred its interest in V.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,076,922 and cash proceeds to the investment partnership of $72,000. 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 $69,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $69,000 as of March 31, 2015. As the proceeds from the transfer were not received until April 2015 a receivable for the gain on the transfer was recorded as of March 31, 2015.

 

In May 2015, the investment general partner transferred its interest in Butler Estates, A LDHA to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $221,740 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 26. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of June 30, 2015.

 

In July 2015, the investment general partner transferred its interest in G.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,064,433 and cash proceeds to the investment partnership of $32,000. 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 $29,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $29,500 as of September 30, 2015.

 

In July 2015, the investment general partner transferred its interest in W.P.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,074,108 and cash proceeds to the investment partnership of $32,000. 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 $29,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $29,500 as of September 30, 2015.

 

In July 2016, the investment general partner transferred its interest in Holly Hills Properties, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,392 and cash proceeds to the investment partnership of $22,500. Of the total proceeds received, $4,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $18,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $18,500 as of September 30, 2016.

 

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.

 

Beckwood Manor One Limited Partnership

Southwind Apartments, A L.D.H.A.

T.R. Bobb Apartments Partnership, A L.D.H.A.

Warrensburg Heights, L.P.

Brookhaven Apartments Partnership, A LP

 

Series 27

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 27 reflects a net loss from Operating Partnerships of $(157,552) and $(13,190), respectively, which includes depreciation and amortization of $455,020 and $656,723, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In February 2016, the operating general partner of Centrum - Fairfax II LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on June 20, 2016. The sales price of the property was $9,550,000, which included the outstanding mortgage balance of approximately $4,907,553 and cash proceeds to the investment partnership of $3,000,000. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,995,000 will be returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $2,995,000 as of June 30, 2016.

 

In July 2016, the investment general partner transferred its interest in Sunday Sun Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,703 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $4,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,000 were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $21,000 as of September 30, 2016.

 

In October 2016, the investment general partner transferred 50% of its interest in Canisteo Manor, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $438,188 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 27. The remaining 50% investment limited partner interest in the Operating Partnership is scheduled to be transferred in November 2017 for the assumption of approximately $438,188 of the remaining outstanding mortgage balance and nominal consideration.

 

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.

 

Angelou Court

 

Series 28

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 28 reflects a net loss from Operating Partnerships of $(190,746) and $(310,794), respectively, which includes depreciation and amortization of $173,079 and $507,429, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In June 2015, the investment general partner transferred its interest in Fort Bend NHC, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,589,698 and cash proceeds to the investment partnership of $1,200,000. 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 $1,197,000 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $1,197,000 as of June 30, 2015.

 

In January 2016, the investment general partner transferred its interest in Terraceview Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $535,454 and cash proceeds to the investment partnership of $182,521. Of the total proceeds received, $2,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $175,521 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $175,521 as of March 31, 2016.

 

In March 2016, the investment general partner transferred its interest in Chandler Village Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $833,586 and cash proceeds to the investment partnership of $24,000. 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 $21,500 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $21,500 as of March 31, 2016.

 

In March 2016, the investment general partner transferred its interest in Wellston Village Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $347,986 and cash proceeds to the investment partnership of $10,500. 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 $8,000 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $8,000 as of March 31, 2016.

 

In March 2016, the investment general partner transferred its interest in Yale Village Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $183,702 and cash proceeds to the investment partnership of $6,000. 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 $3,500 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $3,500 as of March 31, 2016.

 

In June 2016, the investment general partner transferred its interest in Senior Suites Chicago Austin Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,875,732 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $5,000 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $5,000 as of June 30, 2016.

 

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.

 

Jackson Place Apartments, L.P.

Maplewood Apartments Partnership, A LA Partnership

 

Series 29

As of December 31, 2016 and 2015, the average Qualified Occupancy for the Series was 100% and 99.0%, respectively. The series had a total of 8 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 29 reflects a net loss from Operating Partnerships of $(295,769) and $(294,167), respectively, which includes depreciation and amortization of $367,084 and $397,214, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

Lombard Partners, LP (Lombard Heights Apts.) was a 24-unit family property located in Springfield, Missouri. It was sold at a foreclosure sale on July 31, 2008. As a result of the foreclosure, the operating partnership lost remaining credits of $47,840 and experienced recapture and interest penalties of $199,516. This represented a loss of tax credits, and recapture and interest penalties of $12 and $49, respectively, per 1,000 BACs. Following the foreclosure sale, the investment general partner pursued legal action against the operating general partner and guarantors in an effort to recover a portion of the lost tax credits, recapture costs and interest penalties. Counsel for the investment general partner initially needed to resolve jurisdictional issues which ultimately allowed pursuit of the guarantors in Massachusetts. After much legal maneuvering in 2009 thru early 2011, a Massachusetts court approved a damages judgment of $389,043, plus legal costs and interest of $29,726.

 

As a follow up to the judgment rendered by the Massachusetts court, counsel for the investment general partner filed a motion "in aid of judgment" in mid-April 2011 requesting that the court authorize him to depose the defendants regarding their current financial situation and their ability to pay the aforementioned judgment. In late December 2011, the attorney for the operating general partner and the guarantors filed a motion to quash the aforementioned deposition. This motion was subsequently withdrawn by the attorney for the guarantors on January 12, 2012. On February 28, 2012, new counsel for the operating general partner filed a motion in Missouri to quash the deposition and to stay enforcement of the Massachusetts judgment. On March 1, 2012, the Missouri Court approved the aforementioned motion. This remanded the case back to the Massachusetts court to correct the original judgment. On May 21, 2012, the Massachusetts court denied the operating general partner's motion for relief from judgment and amended the judgment previously entered. At the end of the second quarter of 2012, counsel for the investment general partner was notified by counsel for the operating general partner that it intends to file an appeal of the May 21, 2012 ruling. On June 20, 2012, the Missouri court lifted its stay and authorized commencement of post-judgment discovery.

 

Counsel for the investment general partner took a deposition from the operating general partner on August 8, 2012 in an effort to ascertain whether the operating general partner had the financial capacity to pay the judgment and penalties that had been awarded. Based on information revealed during the deposition, it appeared that the operating general partner had been depleting its assets via transfers of assets to various family members. Counsel for the investment general partner filed a petition in Missouri Circuit Court on October 30, 2012 arguing that the aforementioned asset transfers were fraudulent, notifying the transferees that the assets they received from the guarantors were transferred to them fraudulently, and requesting that the subject transfers be voided. In late December 2012, the guarantors filed a motion with the court denying that the conveyance of assets was fraudulent. Counsel for the investment general partner responded in early January 2013 by requesting documentation on the asset transfers and explanations from the guarantors as to why the transfers were not fraudulent in nature under the Missouri Uniform Fraudulent Transfer Act. The defendant filed an appeal of the judgment in Massachusetts Court on January 22, 2013. On March 7, 2013, counsel for the investment general partner filed its appeal brief with the Massachusetts Court. The Appellate Court Hearing was held on September 17, 2013. On February 27, 2014, the Appellate Court ruled in favor of the plaintiff (i.e. the investment limited partner) and re-affirmed the March 30, 2011 judgment. With this favorable ruling from the Massachusetts appellate judge counsel for the plaintiff filed a motion in Missouri Court in October 2014 to record the aforementioned judgment and lift the stay. On January 6, 2015, the defendant's counsel confirmed that it was not contesting the judgment and motion to lift the stay. Consequently, the judgement and order to lift the stay were finally approved by the Missouri Court in late February 2015. As a result, the defendant began to provide piecemeal information on its current financial situation to the investment general partner in March and April 2015. This led the investment general partner to conclude that the guarantor had the financial wherewithal to pay some portion of the judgement amount. In mid-July 2015, the Missouri court issued an ordered for non-binding mediation to both the plaintiff and the defendant. The mediation conference took place on September 10, 2015 and a settlement was agreed to at $275,000. Full payment of the settlement amount by the defendant was completed in January 2016 to conclude this matter.

 

In February 2015, the operating general partner of Forest Hill Apartments, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 29, 2015. The sales price of the property was $5,200,000, which included the outstanding mortgage balance of approximately $4,223,181 and cash proceeds to the investment partnership of $158,500. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds of approximately $153,500 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $153,500 as of June 30, 2015.

 

In July 2015, the investment general partner transferred its interest in Dogwood Rural Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,258,767 and cash proceeds to the investment partnership of $48,000. 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 $45,500 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $45,500 as of September 30, 2015.

 

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.

 

Edgewood Apartments Partnership, A Louisiana Partnership

Westfield Apartments Partnership, A Louisiana Partnership

 

Series 30

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 30 reflects a net loss from Operating Partnerships of $(158,143) and $(168,445), respectively, which includes depreciation and amortization of $303,986 and $363,534, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In March 2015, the investment general partner transferred its interest in F.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $840,102 and cash proceeds to the investment partnership of $54,000. 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 $51,000 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $51,000 as of March 31, 2015. As the proceeds from the transfer were not received until April 2015 a receivable for the gain on the transfer was recorded as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $22,257 was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

 

In April 2015, the investment general partner transferred their respective interests in Hillside Terrace Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,513,389 and cash proceeds to the investment partnerships of $6,600 and $48,400 for Series 30 and Series 35, respectively. Of the total proceeds received, $600 and $4,400 for Series 30 and Series 35, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,000 and $44,000 for Series 30 and Series 35, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $6,000 and $44,000 for Series 30 and Series 35, respectively, as of June 30, 2015.

 

In August 2015, the investment general partner transferred its interest in Trinity Life Gardens, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $806,889 and cash proceeds to the investment partnership of $261,945. Of the total proceeds received, $6,484 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $255,461 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $255,461 as of September 30, 2015.

 

In December 2015 the investment general partner transferred its interest in West Swanzey Affordable Housing Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $601,570 and cash proceeds to the investment partnership of $45,233. Of the total proceeds received, $30,240 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,993 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $11,993 as of December 31, 2015.

 

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.

 

Pyramid One, LP

Bellwood Four Limited Partnership

JMC Limited Liability Company

Linden Partners II, L.L.C.

 

Series 31

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 31 reflects a net loss from Operating Partnerships of $(283,126) and $(386,484), respectively, which includes depreciation and amortization of $707,858 and $898,755, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

The operating general partner of Level Creek Partners, L.P. entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on March 18, 2015. The sales price of the property was $16,005,000, which included the outstanding mortgage balance of approximately $11,301,146 and cash proceeds to the investment partnership of $2,660,062. Of the total proceeds received by the investment partnership, $2,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,652,562 will be returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $2,652,562 as of March 31, 2015. On September 2, 2015, and February 4, 2016, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $213,572 and $25,086, respectively, which were returned to the cash reserves held by Series 31.


In August 2015, the investment general partner transferred its interest in Montfort Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,647,963 and cash proceeds to the investment partnership of $1,048,605. Of the total proceeds received, $6,075 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,042,530 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $1,042,530 as of September 30, 2015.

 

In November 2015, the operating general partner entered into an agreement to sell Riverbend Housing Associates, LP to a third-party buyer and the transaction closed on March 23, 2016. The sales price of the property was $760,655, which included the outstanding mortgage balance of approximately $660,916 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received by the investment partnership, $3,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $47,000 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $47,000 as of March 31, 2016.

 

In December 2016, the investment general partner transferred its interest in Eagles Ridge Terrace Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,391,732 and cash proceeds to the investment partnership of $72,000. 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 $69,500 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $69,500 as of December 31, 2016.

 

In December 2016, the investment general partner transferred its interest in Henderson Terrace Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $399,366 and cash proceeds to the investment partnership of $19,200. 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 $16,700 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $16,700 as of December 31, 2016.

 

In December 2016, the investment general partner transferred its interest in Lakeview Little Elm Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $340,752 and cash proceeds to the investment partnership of $19,200. 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 $16,700 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $16,700 as of December 31, 2016.

 

In December 2016, the investment general partner transferred its interest in Mesquite Trails Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $523,176 and cash proceeds to the investment partnership of $28,800. 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 $26,300 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $26,300 as of December 31, 2016.

 

In December 2016, the investment general partner transferred its interest in Pilot Point Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $587,525 and cash proceeds to the investment partnership of $32,000. 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 $29,500 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $29,500 as of December 31, 2016.

 

In December 2016, the investment general partner transferred its interest in Seagraves Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $354,789 and cash proceeds to the investment partnership of $12,800. 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 $10,300 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $10,300 as of December 31, 2016.

 

In November 2016, the investment general partner transferred its interest in Silver Creek Apartments/MHT, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,332,447 and cash proceeds to the investment partnership of $627,947. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $622,947 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. The transfer proceeds are expected to be received in the first quarter of 2017; so a receivable in the amount of $622,947 was recorded as of December 31, 2016. Accordingly, 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 $622,947 as of December 31, 2016.

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

 

Sencit Hampden Associates L.P.

 

Series 32

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at December 31, 2016, all of which were at 100% Qualified Occupancy

 

For the nine month periods ended December 31, 2016 and 2015, Series 32 reflects a net loss from Operating Partnerships of $(432,493) and $(553,720), respectively, which includes depreciation and amortization of $779,977 and $982,552, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In August 2015, the operating general partner of Pearl Partners, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on October 1, 2015. The sales price of the property was $10,245,000, which included the outstanding mortgage balance of approximately $7,762,016 and cash proceeds to the investment partnership of $832,886. Of the total proceeds received by the investment partnership, $7,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $825,886 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $825,886 as of December 31, 2015.

 

In December 2016, the investment general partner transferred its interest in Indiana Development Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,129,504 and cash proceeds to the investment partnership of $47,500. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $45,000 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $45,000 as of December 31, 2016.

 

In December 2016, the investment general partner transferred its interest in Granada Rose, Limited Partnership, a Texas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $124,650 and cash proceeds to the investment partnership of $6,400. 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 $3,900 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 December 31, 2016.

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.

 

Cogic Village LDHA Limited Partnership

Pecan Manor Apartments

Parkside Plaza LLP

 

Series 33

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 33 reflects a net loss from Operating Partnerships of $(170,166) and $(114,944), respectively, which includes depreciation and amortization of $284,822 and $315,110, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In June 2015, the investment general partner transferred its interest in NHC Partnership 5, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,472,725 and cash proceeds to the investment partnership of $1,100,000. 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 $1,097,000 were returned to cash reserves held by Series 33. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $1,097,000 as of June 30, 2015.

 

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.

 

Stearns Assisted Housing Associates, LP

 

Series 34

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 34 reflects a net loss from Operating Partnerships of $(220,090) and $(163,396), respectively, which includes depreciation and amortization of $283,865 and $549,519, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In April 2015, the investment general partner transferred its interest in Howard Park, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $400,000 and cash proceeds to the investment partnership of $42,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,000 were returned to cash reserves held by Series 34. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $37,000 as of June 30, 2015.

 

In January 2016, the investment general partner transferred its interest in Boerne Creekside Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,796,900 and cash proceeds to the investment partnership of $300,000. Of the total proceeds received, $9,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $291,000 were returned to cash reserves held by Series 34. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $291,000 as of March 31, 2016.

 

In May 2016, the investment general partner transferred its interest in Northwood Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $500,053 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $27,500 were returned to cash reserves held by Series 34. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $27,500 as of June 30, 2016.

 

In July 2016, the investment general partner transferred its interest in Kerrville Meadows Apartments, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,144,914 and cash proceeds to the investment partnership of $225,000. Of the total proceeds received, $10,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $215,000 were returned to cash reserves held by Series 34. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $215,000 as of September 30, 2016.

 

In December 2016, the investment general partner transferred their respective interests in Washington Courtyards Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,958,317 and cash proceeds to the investment partnerships of $394,536 and $165,090 for Series 34 and Series 35, respectively. Of the total proceeds received, $2,115 and $885 for Series 34 and Series 35, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $4,230 and $1,770 for Series 34 and Series 35, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $388,191 and $162,435 for Series 34 and Series 35, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $388,191 and $162,435 for Series 34 and Series 35, respectively, as of December 31, 2016.

 

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.

 

Belmont Affordable Housing II, L.P.

RHP 96-I, L.P.

 

Series 35

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 35 reflects a net loss from Operating Partnerships of $(245,625) and $(124,874), respectively, which includes depreciation and amortization of $602,766 and $706,801, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

Columbia Woods, LP (Columbia Woods Townhomes) is a 120-unit family property located in Newnan, GA. Due to high operating expenses and fluctuating occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired; however, the operating general partner continues to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Woods, LP expires on December 31, 2016.

 

In April 2015, the investment general partner transferred their respective interests in Hillside Terrace Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,513,389 and cash proceeds to the investment partnerships of $6,600 and $48,400 for Series 30 and Series 35, respectively. Of the total proceeds received, $600 and $4,400 for Series 30 and Series 35, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,000 and $44,000 for Series 30 and Series 35, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $6,000 and $44,000 for Series 30 and Series 35, respectively, as of June 30, 2015.

 

In March 2015, the operating general partner of Mulvane Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 7, 2015. The sales price of the property was $2,800,000, which included the outstanding mortgage balance of approximately $1,186,526 and cash proceeds to the investment partnership of $865,000. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds of approximately $860,000 were returned to cash reserves held by Series 35. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $860,000 as of June 30, 2015. On September 9, 2015, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $68,250, which were returned to the cash reserves held by Series 35.

 

In January 2016 the investment general partner transferred its interest in Riverwalk Apartment Homes, Phase II LLC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $287,847 and cash proceeds to the investment partnership of $537,353. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $532,353 were returned to cash reserves held by Series 35. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $532,353 as of March 31, 2016.

 

In March 2016, the operating general partner of Wedgewood Park Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 14, 2016. The sales price of the property was $13,900,000, which included the outstanding mortgage balance of approximately $4,364,386 and cash proceeds to the investment partnerships of $2,333,553 and $2,333,553 for Series 35 and Series 36, respectively. Of the total proceeds received by the investment partnerships, $37,500 and $37,500 for Series 35 and Series 36, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale. Of the remaining proceeds, $1,250 and $1,250 for Series 35 and Series 36, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,294,803 and $2,294,803 for Series 35 and Series 36, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $2,294,803 and $2,294,803 for Series 35 and Series 36, respectively, as of June 30, 2016. In September 2016, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $85,949 and $85,949 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series.

 

In December 2016, the investment general partner transferred their respective interests in Washington Courtyards Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,958,317 and cash proceeds to the investment partnerships of $394,536 and $165,090 for Series 34 and Series 35, respectively. Of the total proceeds received, $2,115 and $885 for Series 34 and Series 35, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $4,230 and $1,770 for Series 34 and Series 35, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $388,191 and $162,435 for Series 34 and Series 35, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $388,191 and $162,435 for Series 34 and Series 35, respectively, as of December 31, 2016.

 

Series 36

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 36 reflects a net loss from Operating Partnerships of $(113,395) and $(294,566), respectively, which includes depreciation and amortization of $146,670 and $645,000, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In December 2015 the investment general partner transferred its interest in Riverview Bend LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $2,145,000 and cash proceeds to the investment partnership of $566,354. Of the total proceeds received, $13,243 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $553,111 were returned to cash reserves held by Series 36. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $553,111 as of December 31, 2015.

 

In March 2016, the investment general partner transferred its interest in Nowata Village, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,174,914 and cash proceeds to the investment partnership of $21,000. 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 $18,500 were returned to cash reserves held by Series 36. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $18,500 as of March 31, 2016.

 

In May 2016, the investment general partner transferred its interest in Paris Place Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,065,498 and cash proceeds to the investment partnership of $80,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,000 were returned to cash reserves held by Series 36. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $75,000 as of June 30, 2016.

 

In May 2016, the investment general partner transferred its interest in Valleyview Estates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $259,710 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $45,000 were returned to cash reserves held by Series 36. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $45,000 as of June 30, 2016.

 

In March 2016, the operating general partner of Wedgewood Park Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 14, 2016. The sales price of the property was $13,900,000, which included the outstanding mortgage balance of approximately $4,364,386 and cash proceeds to the investment partnerships of $2,333,553 and $2,333,553 for Series 35 and Series 36, respectively. Of the total proceeds received by the investment partnerships, $37,500 and $37,500 for Series 35 and Series 36, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale. Of the remaining proceeds, $1,250 and $1,250 for Series 35 and Series 36, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,294,803 and $2,294,803 for Series 35 and Series 36, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $2,294,803 and $2,294,803 for Series 35 and Series 36, respectively, as of June 30, 2016. In September 2016, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $85,949 and $85,949 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series.

 

In June 2016, the investment general partner of Series 36 and Series 37 transferred their respective interests in Senior Suites Chicago Washington Heights Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,321,470 and cash proceeds to the investment partnerships of $5,000 and $5,000 for Series 36 and Series 37, respectively. Of the total proceeds received, $2,500 and $2,500 for Series 36 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,500 and $2,500 for Series 36 and Series 37, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $2,500 and $2,500 for Series 36 and Series 37, respectively, as of June 30, 2016.

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.

 

Wingfield Apartments Limited Partnership

Ashton Ridge L.D.H.A., L.P.

 

Series 37

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 37 reflects a net loss from Operating Partnerships of $(463,828) and $(472,355), respectively, which includes depreciation and amortization of $622,199 and $851,138, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

Columbia Woods, LP (Columbia Woods Townhomes) is a 120-unit family property located in Newnan, GA. Due to high operating expenses and fluctuating occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired; however, the operating general partner continues to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Woods, LP expired on December 31, 2016.

 

In December 2016, the investment general partner transferred their respective interests in Baldwin Villas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,226,317 and no cash proceeds to the investment partnerships and no cash proceeds returned to the cash reserves held by Series 37, Series 40 and Series 45, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded as of December 31, 2016.

 

In June 2016, the investment general partner of Series 36 and Series 37 transferred their respective interests in Senior Suites Chicago Washington Heights Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,321,470 and cash proceeds to the investment partnerships of $5,000 and $5,000 for Series 36 and Series 37, respectively. Of the total proceeds received, $2,500 and $2,500 for Series 36 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,500 and $2,500 for Series 36 and Series 37, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $2,500 and $2,500 for Series 36 and Series 37, respectively, as of June 30, 2016.

 

In September 2016, the investment general partner transferred its interest in FAH Silver Pond Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $2,695,732 and cash proceeds to the investment partnership of $1,932,139. The proceeds of approximately $1,932,139 were returned to cash reserves held by Series 37. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $1,932,139 as of September 30, 2016.

 

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.

 

Stearns Assisted Housing Associates, LP

Ashton Ridge L.D.H.A., L.P.

 

Series 38

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at December 31, 2016, all of which were at 100% qualified occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 38 reflects a net loss from Operating Partnerships of $(204,413) and $(371,300), respectively, which includes depreciation and amortization of $583,791 and $753,870, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In November 2016, the operating general partner of Columbia Creek, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 3, 2017. The sales price of the property was $12,700,000, which included the outstanding mortgage balance of approximately $4,897,221 and cash proceeds to the investment partnerships of $1,112,310 and $1,157,711 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $4,900 and $5,100 for Series 38 and Series 39, respectively, will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, were returned to cash reserves held by Series 38 and Series 39, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

 

In March 2016, the investment general partner transferred its interest in Bristow Place Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,164,556 and cash proceeds to the investment partnership of $19,538. Of the total proceeds received, $2,326 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,212 were returned to cash reserves held by Series 38. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $17,212 as of March 31, 2016.

 

In March 2016, the investment general partner transferred its interest in Cushing Place Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,037,747 and cash proceeds to the investment partnership of $17,662. Of the total proceeds received, $2,453 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $15,209 were returned to cash reserves held by Series 38. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $15,209 as of March 31, 2016.


In June 2016, the operating general partner of Andover Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated third party buyer and the transaction closed on November 15, 2016. The sales price of the property was $4,402,000, which included the outstanding mortgage balance of approximately $2,136,141 and cash proceeds to the investment partnership of $1,790,410. Of the total proceeds received by the investment partnership, $2,500 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,787,910 was returned to cash reserves held by Series 38. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $1,787,910 as of December 31, 2016.

 

In December 2016, the investment general partner transferred its interest in Edna Vanderbilt, LP, A Texas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $216,530 and cash proceeds to the investment partnership of $9,600. 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 $7,100 were returned to cash reserves held by Series 38. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $7,100 as of December 31, 2016.

 

In October 2016, the operating general partner of Arbors at Eagle Crest LDHA LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 26, 2017. The sales price of the property was $3,700,000, which included the outstanding mortgage balance of approximately $2,078,128 and cash proceeds to the investment partnerships of $377,821 and $377,821 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $6,543 and $6,543 for Series 38 and Series 39, respectively, will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $371,278 and $371,278 for Series 38 and Series 39, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

 

Series 39

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2016 and 2015, Series 39 reflects net loss from Operating Partnerships of $(101,698) and $(301,029), respectively, which includes depreciation and amortization of $243,036 and $550,791, respectively. This is an interim period estimate; it is not indicative of the final year end results.

 

In November 2016, the operating general partner of Columbia Creek, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 3, 2017. The sales price of the property was $12,700,000, which included the outstanding mortgage balance of approximately $4,897,221 and cash proceeds to the investment partnerships of $1,112,310 and $1,157,711 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $4,900 and $5,100 for Series 38 and Series 39, respectively, will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, were returned to cash reserves held by Series 38 and Series 39, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

 

In November 2014, the investment general partner transferred 50% of its interest in Gouverneur Senior Housing Associates, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $529,091 and cash proceeds to the investment partnership of $34,999. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,999 were returned to cash reserves held by Series 39. The remaining 50% investment limited partner interest in the Operating Partnership was transferred on December 1, 2015 for the assumption of approximately $592,091 of the remaining outstanding mortgage balance and nominal consideration. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $29,999 as of December 31, 2014.

 

In March 2016, the investment general partner transferred its interest in Arbors at Ironwood, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,488,022 and cash proceeds to the investment partnership of $107,668. Of the total proceeds received, $4,894 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $102,774 were returned to cash reserves held by Series 39. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $102,774 as of March 31, 2016.

 

In May 2016, the investment general partner transferred its interest in Hillview, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $771,823 and cash proceeds to the investment partnership of $25,500. 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 $22,500 were returned to cash reserves held by Series 39. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $22,500 as of June 30, 2016.

 

In July 2016, the investment general partner transferred its interest in Daystar Village, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $634,353 and cash proceeds to the investment partnership of $75,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $70,500 were returned to cash reserves held by Series 39. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $70,500 as of September 30, 2016.

In August 2016, the investment general partner transferred its interest in Tally Ho Apartments Partnership, A Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $479,836 and cash proceeds to the investment partnership of $22,100. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,100 were returned to cash reserves held by Series 39. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $17,100 as of September 30, 2016.

 

In July 2016, the investment general partner transferred its interest in Austin Acres, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $793,420 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $12,000 were returned to cash reserves held by Series 39. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $12,000 as of September 30, 2016.

 

In October 2016, the operating general partner of Arbors at Eagle Crest LDHA LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 26, 2017. The sales price of the property was $3,700,000, which included the outstanding mortgage balance of approximately $2,078,128 and cash proceeds to the investment partnerships of $377,821 and $377,821 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $6,543 and $6,543 for Series 38 and Series 39, respectively, will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $371,278 and $371,278 for Series 38 and Series 39, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

 

Series 40

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at December 31, 2016, all of which at 100% Qualified Occupancy.

 

For the nine month periods ended December 31, 2016 and 2015, Series 40 reflects a net loss from Operating Partnerships of $(349,637) and $(413,101), respectively, which includes depreciation and amortization of $610,754 and $953,070, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In December 2016, the investment general partner transferred their respective interests in Baldwin Villas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,226,317 and no cash proceeds to the investment partnerships and no cash proceeds returned to the cash reserves held by Series 37, Series 40 and Series 45, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded as of December 31, 2016.

 

Sedgwick Sundance Apartments, Limited Partnership (Sedgwick - Sundance Apartments) is a 24-unit senior property in Sedgwick, Kansas. Due to insufficient rental rates and high operating expenses, the property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and its affiliated management company to monitor and improve operations. The operating general partner continues to advance funds and accrue management fees to fund the deficit. The operating deficit guarantee remains in place through the end of the tax credit compliance period. The low income housing tax credit compliance period expired on December 31, 2016.

 

In March 2016, the investment general partner transferred its interest in Arbors at Ironwood II Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $742,529 and cash proceeds to the investment partnership of $33,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,000 were returned to cash reserves held by Series 40. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $28,000 as of March 31, 2016.

 

MA NO 2. LLC (Parkview Apartments) is a 25-unit family property located in Springfield, MA. Due to high maintenance costs related to unit turnover and plumbing, the property operated below breakeven in 2015. The operating deficit is funded by operating advances made by the general partner. The investment general partner continues to work with the operating general partner and the management company to reduce operating expenses. The operating general partner's operating deficit guarantee expired on December 31, 2006. The 15-year low income housing tax credit compliance period with respect to MA NO 2, LLC expired on December 31, 2016.

 

In December 2015, the investment general partner transferred its interest in KC Shalom LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $3,145,941 and cash proceeds to the investment partnership of $776,152. Of the total proceeds received, $14,141 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $762,011 were returned to cash reserves held by Series 40. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $762,011 as of December 31, 2015.

 

In May 2016, the investment general partner transferred its interest in Londontown Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $385,627 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,500 were returned to cash reserves held by Series 40. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $20,500 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Southbrook Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $333,131 and cash proceeds to the investment partnership of $32,500. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,500 were returned to cash reserves held by Series 40. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $28,500 as of September 30, 2016.

 

In January 2017, the investment general partner transferred its interest in Azle Fountainhead, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $924,937 and cash proceeds to the investment partnership of $47,200. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $44,700 were returned to cash reserves held by Series 40. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

 

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.

 

Center Place Apartments II Limited Partnership

Oakland Partnership

Western Gardens Partnership

 

Series 41

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 18 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

 

For the nine month periods ended December 31, 2016 and 2015, Series 41 reflects a net loss from Operating Partnerships of $(407,379) and $(125,347), respectively, which includes depreciation and amortization of $1,017,190 and $1,072,939, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

Rural Housing Partners of Mendota, LP (Northline Terrace) is a 24-unit family property in Mendota, IL. Due to high operating expenses the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce expenses and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Mendota, LP expired on December 31, 2016.

Cranberry Cove Limited Partnership (Cranberry Cove Apartments) owns a 28-unit property located in Beckley, West Virginia. During 2015 and 2016, the property operated above breakeven due to the management company's success reducing operating expenses compared to expenses incurred during 2014. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. Note that during the second quarter of 2016, the original operating general partner transferred its interest in Cranberry Cove Limited Partnership to a replacement operating general partner with the consent of the investment general partner. The operating general partner's operating deficit guarantee has expired. The 15-year low income tax credit compliance period with respect to Cranberry Cove, LP expired on December 31, 2016.

 

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2017.

 

In July 2015, the investment general partner transferred its interest in DS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,806,690 and cash proceeds to the investment partnership of $466,222. Of the total proceeds received, $8,782 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $457,440 were returned to cash reserves held by Series 41. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $457,440 as of September 30, 2015.

 

San Diego/Fox Hollow, L.P. (Hollywood Palms) is a 93-unit family property in San Diego, CA. The property operated below breakeven in 2016 due to decreased rental income and increased maintenance expenses from unit water leak damage that necessitated temporary tenant relocations. The water leaks began in November 2015 from burst pipes and slow leaks from hot water heaters, hot water furnaces, and piping in the unit kitchens and bathrooms. A total of twelve units have been impacted. Each repair is completed as leaks are discovered and no insurance claims have been made. A survey is being conducted including visual inspections to help mitigate further damage. The investment general partner has requested more detail on the results of the survey. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to San Diego/Fox Hollow, L.P. expired on December 31, 2016.

 

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.

 

Red Hill Apartments I Partnership

 

Series 42

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

 

For the nine month periods ended December 31, 2016 and 2015, Series 42 reflects a net loss from Operating Partnerships of $(601,431) and $(666,245), respectively, which includes depreciation and amortization of $844,726 and $1,043,723, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In November 2014, the operating general partner of Commerce Parkway Limited Dividend Housing Associates approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 30, 2015. The sales price of the property was $2,000,000, which included the outstanding mortgage balance of approximately $1,313,275 and cash proceeds to the investment partnerships of $208,661 and $104,174 for Series 24 and Series 42, respectively.  Of the total proceeds received by the investment partnerships, $78,039 and $38,961 for Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale.  Of the remaining proceeds, $3,335 and $1,665 for Series 24 and Series 42, respectively was paid to BCAMLP for expenses related to the sale, which include third party legal costs.  The remaining proceeds from the sale of $127,287 and $63,548 for Series 24 and Series 42, respectively, were returned to cash reserves.  The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $127,287 and $63,548 for Series 24 and Series 42, respectively, as of March 31, 2015. On April 8, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership's cash in the amount of $80,040 and $39,960 for Series 24 and Series 42, respectively, which was recorded as a receivable as of March 31, 2015 and returned to the cash reserves. On August 18, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership's final reconciliation of cash in the amount of $16,675 and $8,325 for Series 24 and Series 42, respectively, which were returned to the cash reserves.

 

Wingfield Apartments Partnership II, LP (Wingfield Apartments II) is a 42-unit elderly property in Kinder, LA. The property continues to operate below breakeven due to low occupancy and high operating expenses. The investment general partner will work with the operating general partner and the management company to increase occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2016.

 

Lynnelle Landing Limited Partnership (Lynnelle Landing Apartments) is a 56-unit property located in Charleston, West Virginia. A new third party management company was hired by the Operating Partnership in August 2015. The property operated above breakeven during 2015 and nominally above breakeven in 2016 despite average physical occupancy in 2016 reported at 83%. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income tax credit compliance period with respect to Lynnelle Landing Limited Partnership expires on December 31, 2017.

 

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2017.

 

In July 2015, the investment general partner transferred its interest in CC Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $795,600 and cash proceeds to the investment partnership of $630,264. Of the total proceeds received, $9,755 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $620,509 were returned to cash reserves held by Series 42. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $620,509 as of September 30, 2015.

 

In July 2015, the investment general partner transferred its interest in CT Housing Limited Partnership an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,144,603 and cash proceeds to the investment partnership of $852,446. Of the total proceeds received, $11,055 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $841,391 were returned to cash reserves held by Series 42. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $841,391 as of September 30, 2015.

 

In July 2015, the investment general partner transferred its interest in HS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,418,804 and cash proceeds to the investment partnership of $513,359. Of the total proceeds received, $9,054 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $504,305 were returned to cash reserves held by Series 42. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $504,305 as of September 30, 2015.

 

In July 2015, the investment general partner transferred its interest in SM Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,174,506 and cash proceeds to the investment partnership of $560,788. Of the total proceeds received, $9,327 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $551,461 were returned to cash reserves held by Series 42. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $551,461 as of September 30, 2015.

 

In July 2015, the investment general partner transferred its interest in TS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,875,600 and cash proceeds to the investment partnership of $698,864. Of the total proceeds received, $10,160 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $688,704 were returned to cash reserves held by Series 42. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $688,704 as of September 30, 2015.

 

New Chester Townhouses II, A Limited Partnership (Chester Townhouses Phase II Apartments) is a 52-unit family property in Chester, SC. The property operated below breakeven in 2015 due to high operating expenses, specifically bad debt. Operations have improved to above breakeven status in 2016. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2021.

 

San Diego/Fox Hollow, L.P. (Hollywood Palms) is a 93-unit family property in San Diego, CA. The property operated below breakeven in 2016 due to decreased rental income and increased maintenance expenses from unit water leak damage that necessitated temporary tenant relocations. The water leaks began in November 2015 from burst pipes and slow leaks from hot water heaters, hot water furnaces, and piping in the unit kitchens and bathrooms. A total of twelve units have been impacted. Each repair is completed as leaks are discovered and no insurance claims have been made. A survey is being conducted including visual inspections to help mitigate further damage. The investment general partner has requested more detail on the results of the survey. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to San Diego/Fox Hollow, L.P. expired on December 31, 2016.

 

Series 43


As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

 

For the nine month periods ended December 31, 2016 and 2015, Series 43 reflects a net loss from Operating Partnerships of $(815,731) and $(189,234), respectively, which includes depreciation and amortization of $1,312,092 and $1,426,942, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

Carpenter School I Elderly Apartments, LP (Carpenter School I Elderly Apartments) is a 38-unit property located in Natchez, Mississippi. The property operated above breakeven in 2015; however, replacement reserve account is underfunded. The investment general partner will continue to work with the operating general partner to improve operations. The mortgage, real estate taxes, insurance, and account payables are all current. The operating deficit guarantee expired in December 2014. The low income housing tax credit compliance period expires on December 31, 2017.

 

In July 2015, the investment general partner transferred its interest in AM Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,031,810 and cash proceeds to the investment partnership of $1,168,898. Of the total proceeds received, $12,963 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs, and $2,827 will be applied against outstanding receivables. The remaining proceeds of approximately $1,153,108 were returned to cash reserves held by Series 43. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $1,153,108 as of September 30, 2015.

 

In July 2015, the investment general partner transferred its interest in AP Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,480,510 and cash proceeds to the investment partnership of $575,871. Of the total proceeds received, $9,415 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $566,456 were returned to cash reserves held by Series 43. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $566,456 as of September 30, 2015.

 

In July 2015, the investment general partner transferred its interest in KP Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,576,140 and cash proceeds to the investment partnership of $296,983. Of the total proceeds received, $7,759 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $289,224 were returned to cash reserves held by Series 43. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $289,224 as of September 30, 2015.

 

In July 2015, the investment general partner transferred its interest in SG Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,026,283 and cash proceeds to the investment partnership of $492,220. Of the total proceeds received, $8,914 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $483,306 were returned to cash reserves held by Series 43. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $483,306 as of September 30, 2015.

 

New Chester Townhouses II, A Limited Partnership (Chester Townhouses Phase II Apartments) is a 52-unit family property in Chester, SC. The property operated below breakeven in 2015 due to high operating expenses, specifically bad debt. Operations have improved to above breakeven status in 2016. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2021.

 

Riverview Apartments - Blissfield L.D.H.A., L.P. (Riverview Apartments) is a 32-unit Rural Development family property located southeast of Detroit. The property operated below breakeven in 2015 due to low occupancy and high bad debt. Average occupancy increased from 87% in 2015 to 94% in 2016 and collections improved. However, the property continued to operate slightly below breakeven due to an increase in utility costs. The operating deficit guarantee has expired and the 15-year LIHTC compliance period expires December 31, 2017.

 

Gilbert Apartments, Limited (Gilbert Apartments) is a 40-unit property located in Corbin, KY. The property operated above breakeven in 2015. However, there was a fire in one unit that was contained to the bedroom in September 2016. There was an insurance claim filed as of a result of the fire. There was smoke damage to the entire unit, but no smoke or damages to neighboring units. The mortgage, real estate taxes, and insurance are all current. The operating deficit guarantee expired December 1, 2007. The low income housing tax credit compliance period expires on December 31, 2018. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Gilbert Apartments, Limited subsequent to December 31, 2016.

 

San Diego/Fox Hollow, L.P. (Hollywood Palms) is a 93-unit family property in San Diego, CA. The property operated below breakeven in 2016 due to decreased rental income and increased maintenance expenses from unit water leak damage that necessitated temporary tenant relocations. The water leaks began in November 2015 from burst pipes and slow leaks from hot water heaters, hot water furnaces, and piping in the unit kitchens and bathrooms. A total of twelve units have been impacted. Each repair is completed as leaks are discovered and no insurance claims have been made. A survey is being conducted including visual inspections to help mitigate further damage. The investment general partner has requested more detail on the results of the survey. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to San Diego/Fox Hollow, L.P. expired on December 31, 2016.

 

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.

 

Parkside Plaza LLP

 

Series 44

As of December 31, 2016 and 2015, the average Qualified Occupancy was 100%. The series had a total of 7 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

 

For the nine month periods ended December 31, 2016 and 2015, Series 44 reflects a net loss from Operating Partnerships of $(164,940) and $(332,405), respectively, which includes depreciation and amortization of $1,079,209 and $1,155,858, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. This property operated below breakeven each year from 2007 thru 2013. During this period of time the investment general partner worked with the operating general partner in an effort to improve operations and mitigate operating deficits. Despite the operating deficit guaranty having expired at the end of June 2011, the operating general partner and guarantor continued to fund deficits through November 2012 while it attempted to negotiate a mortgage bond re-structure with the servicer for the bonds (the "Servicer"). These negotiations were unsuccessful and, as a result, the operating general partner stopped funding deficits, a mortgage payment default occurred in January 2013, and a default notice was issued by the Servicer on January 14, 2013. After the default, the investment general partner and the State Tax Credit Syndicator negotiated an agreement with the Servicer, eventually executed on June 28, 2013, whereby the investment general partner and the State Tax Credit Syndicator cured the payment default and agreed to fund deficits while the operating partnership tried to refinance the mortgage bonds at a lower interest rate. In exchange, the Servicer agreed to permit a refinancing of the mortgage bonds by waiving the lockout on early bond redemption and not assessing any pre-payment or yield maintenance penalties if the re-financing could be completed before the end of the first quarter of 2014. The refinancing effort was unsuccessful for a number of reasons most importantly due to rising interest rates in the second half of 2013 with new loan proceeds falling $1,400,000 to $1,600,000 short of what was needed to redeem the mortgage bonds at par and to pay all costs of the refinancing. Since there was no source of additional capital for this financing gap, this led to a payment default in January 2014 when the investment general partner and the State Tax Credit Syndicator suspended deficit funding, an immediate foreclosure action by the Servicer, and a foreclosure sale on March 4, 2014. As a result, the investment limited partner lost future tax credits of $27,710, and incurred recapture and interest penalty costs of $59,646, equivalent to approximately $10 and $22 per 1,000 BACs respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership would not have expired until December 31, 2019.

 

United Development CO. 2001 LP (Memphis 102) is a 102-unit single family home scattered site development, located in Memphis, TN. In September 2013, the court-appointed receiver for the Operating Partnership entered into an agreement to sell the property to a third-party buyer for $1,173,000; the sale transaction closed on November 26, 2013. After payment of the outstanding real estate taxes, the remaining proceeds of $210,000 were paid to the first mortgage lender. There were no cash proceeds to the investment partnership. The buyer agreed to operate the property in accordance with the land use and regulatory agreement as well as Section 42 of the Tax Code; therefore, resulting in no tax credit recapture or interest penalties for the investment limited partner stemming from the sale. The investment limited partners will; however, lose federal tax credits in 2013 and 2014 totaling $30,660 and $131,253, respectively, in addition to the recapture in 2012 totaling $281,707, equivalent to $104 per 1,000 BACs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Despite the sale of the property, the low income housing tax credit compliance period for the tax credits received remains unchanged and will expire on December 31, 2018.

 

United Development Limited Partnership 2001 (Families First II) is a 66-unit single family house development located in West Memphis, AR. Due to low occupancy, deferred maintenance, high operating expenses and high debt service, the partnership operates below breakeven. The operating general partner, whose operating deficit guarantee has expired, provides limited oversight of property operations. For the most part, it has been the third party property management company and the investment general partner who have directed property operations since January 2014. Beginning in the fourth quarter of 2013 and continuing through October 23, 2015, the investment limited partner had advanced $201,849 from fund reserves to Families First II to finance operating deficits. No further advances were made by the investment limited partner through the remainder of the fourth quarter of 2015 or during the first half of 2016. Starting in November 2015, mortgage payments were not made by the Operating Partnership. As a result, the lender issued a default notice on December 8, 2015, and accelerated payment of the mortgage note. On February 10, 2016 the court appointed a receiver to manage the property. The foreclosure on the property occurred on July 21, 2016. The tax credit recapture costs and interest penalties as a result of the foreclosure sale is estimated at $780,762. This is equivalent to recapture costs and interest penalties of $289 per 1,000 BACs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the foreclosure of the Operating Partnership has been recorded. Note that the 15-year low income housing tax credit compliance period for Families First II would have expired on December 31, 2018.

 

Series 45

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 27 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

 

For the nine month periods ended December 31, 2016 and 2015, Series 45 reflects a net loss from Operating Partnerships of $(617,554) and $(373,128), respectively, which includes depreciation and amortization of $1,506,167 and $1,507,456 respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

In December 2016, the investment general partner transferred their respective interests in Baldwin Villas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,226,317 and no cash proceeds to the investment partnerships and no cash proceeds returned to the cash reserves held by Series 37, Series 40 and Series 45, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded as of December 31, 2016.

 

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. This property operated below breakeven each year from 2007 thru 2013. During this period of time the investment general partner worked with the operating general partner in an effort to improve operations and mitigate operating deficits. Despite the operating deficit guaranty having expired at the end of June 2011, the operating general partner and guarantor continued to fund deficits through November 2012 while it attempted to negotiate a mortgage bond re-structure with the servicer for the bonds (the "Servicer"). These negotiations were unsuccessful and, as a result, the operating general partner stopped funding deficits, a mortgage payment default occurred in January 2013, and a default notice was issued by the Servicer on January 14, 2013. After the default, the investment general partner and the State Tax Credit Syndicator negotiated an agreement with the Servicer, eventually executed on June 28, 2013, whereby the investment general partner and the State Tax Credit Syndicator cured the payment default and agreed to fund deficits while the operating partnership tried to refinance the mortgage bonds at a lower interest rate. In exchange, the Servicer agreed to permit a refinancing of the mortgage bonds by waiving the lockout on early bond redemption and not assessing any pre-payment or yield maintenance penalties if the re-financing could be completed before the end of the first quarter of 2014. The refinancing effort was unsuccessful for a number of reasons most importantly due to rising interest rates in the second half of 2013 with new loan proceeds falling $1,400,000 to $1,600,000 short of what was needed to redeem the mortgage bonds at par and to pay all costs of the refinancing. Since there was no source of additional capital for this financing gap, this led to a payment default in January 2014 when the investment general partner and the State Tax Credit Syndicator suspended deficit funding, an immediate foreclosure action by the Servicer, and a foreclosure sale on March 4, 2014. As a result, the investment limited partner lost future tax credits of $742,037, and incur recapture and interest penalty costs of $1,597,239, equivalent to approximately $185 and $398 per 1,000 BACs respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership would not have expired until December 31, 2019.

 

Jefferson Housing, LP (Jefferson House) is a 101-unit property located in Lynchburg, VA. Due to a workout agreement with the Lender, VHDA, the property was operating above breakeven. The workout agreement ended May 1, 2016. Since then, operations have been below breakeven because of high operating expenses, specifically high legal costs. However, legal expenses are expected to decrease going forward as the partnership was successful in being awarded "no findings" from the Fair Housing hearing in December 2016. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations in conjunction with the Virginia Housing Development Authority. The operating general partner's has an unlimited operating deficit guarantee. The low income housing tax credit compliance period expires on December 31, 2019.

 

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2017.

 

Bartlett Bayou, L.P. (Bartlett Bayou Apartments) is a 48-unit family property in Pascagoula, MS. The property operated below breakeven in 2015 due to higher than average unit turnover resulting in an increase in maintenance costs. Occupancy at the property improved in 2016, averaging 97%. Though occupancy improved and there was a decrease in maintenance expenses, the property still operated slightly below breakeven in 2016. The investment general partner will continue to work with the operating general partner and the management company to improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period for Bartlett Bayou, L.P. expires on December 31, 2021.

 

Series 46

As of December 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at December 31, 2016, all of which were at 100% Qualified Occupancy.

 

For the nine month periods ended December 31, 2016 and 2015, Series 46 reflects a net loss from Operating Partnerships of $(443,001) and $(320,998), respectively, which includes depreciation and amortization of $976,513 and $1,078,387, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

 

Rosehill Place of Topeka, L.L.C. (Rosehill Apartments) owns a 48-unit senior apartment complex in Topeka, Kansas.  Due to burdensome debt service and elevated repair costs caused by heavy rains and resulting erosion repairs the property operated below breakeven during 2015. In late March 2016, the existing first mortgage lender agreed to reduce the interest rate on the mortgage note. As a result, the annual debt service obligation of the operating partnership has been reduced by $55,320. This reduction in the monthly debt service payments has allowed the operating partnership overall to operate above breakeven in 2016. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee expired at the end of May 2008. The 15-year low income housing tax credit compliance period with respect to Rosehill Place of Topeka, LLC expires on December 31, 2018.

 

Panola Housing Ltd. (Panola Apartments) is a 32-unit family property in Carthage, TX. The property continues to operate below breakeven due to high operating expenses despite an increase in occupancy. The investment general partner continues to work with the operating general partner and the management company to reduce operating costs. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2018.

 

Bartlett Bayou, L.P. (Bartlett Bayou Apartments) is a 48-unit family property in Pascagoula, MS. The property operated below breakeven in 2015 due to higher than average unit turnover resulting in an increase in maintenance costs. Occupancy at the property improved in 2016, averaging 97%. Though occupancy improved and there was a decrease in maintenance expenses, the property still operated slightly below breakeven in 2016. The investment general partner will continue to work with the operating general partner and the management company to improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period for Bartlett Bayou, L.P. expires on December 31, 2021.

 

Linden-Shawnee Partners, Limited Partnership, (Linden's Apartments) is a 54-unit family property in Shawnee, OK. The property operated above breakeven in 2015; however, occupancy declined throughout 2015 and the first half of 2016, resulting in below breakeven operations. Despite improving 2016 occupancy levels, operations remain below breakeven. The investment general partner continues to work with the operating general partner and the management company to improve operations. The operating general partners operating deficit guarantee expires on December 31, 2020. The 15-year low income housing tax credit compliance period expires on December 31, 2020.

 

On November 22, 2016, the operating general partner of Agent Kensington Limited Partnership sold the property to an unrelated third party buyer. The sales price of the property was $6,625,000, which included the outstanding mortgage balance of approximately $4,023,594 and cash proceeds to the investment partnership of $398,183. Of the total proceeds received by the investment partnership, $ $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $393,183 were returned to cash reserves held by Series 46. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, 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 $393,183 as of December 31, 2016.

 

Off Balance Sheet Arrangements

 

None.

 

 

Principal Accounting Policies and Estimates

 

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

 

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

 

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.

 

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended March 31, 2016 and 2015. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

 

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. 













Principal Accounting Policies and Estimates - continued

 

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.

 

Recent Accounting Pronouncement

 

In February, 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis". This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund has determined that there is no material impact to its financial statements as a result of this guidance.

























 

 

 

 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

   
 

Not Applicable

 

Item 4

Controls 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 C&M Management 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 internal control over financial reporting that occurred during the quarter ended December 31, 2016 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

 

 

 

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, 2016.

   

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 John P. Manning, Principal Executive Officer, filed herewith

   
   

31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal 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 John P. Manning, 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 Marc N. Teal, Principal Financial Officer, filed herewith

   
   

101. The following materials from the Boston Capital Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2016 formatted in Extensible Business Reporting Language (XBRL): (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 herein

   

 

 

SIGNATURES

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

 

Boston Capital Tax Credit Fund IV L.P.  

 

By:

Boston Capital Associates IV L.P.
General Partner

   
 
 

By:

BCA Associates Limited Partnership
General Partner

 

By:

C&M Management, Inc.
General Partner

     

Date: February 13, 2017

 

By:

/s/ John P. Manning
John P. Manning

     
     

 

 

 

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:

February 13, 2017

/s/ John P. Manning

Director, President (Principal Executive Officer), C&M Management, Inc.; Director, President (Principal Executive Officer) BCTC IV Assignor Corp.

 

John P. Manning

   
   
   
   
   
     

February 13, 2017

/s/ Marc N. Teal

Marc N. Teal

Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) C&M Management Inc.; Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) BCTC IV Assignor Corp.