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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE

ACT OF 1934.

For the quarterly period ended June 30, 2024

or

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

For the transition period from _______ to _______

Commission file number        0-26200

BF GARDEN TAX CREDIT FUND IV L.P.

(Exact name of registrant as specified in its charter)

Delaware

    

04-3208648

(State or other jurisdiction
of incorporation or organization)

(I.R.S. Employer
Identification No.)

225 Franklin Street, 28th Floor Boston, Massachusetts 02110

(Address of principal executive offices)    (Zip Code)

(888) 773-1487

(Registrant’s telephone number, including area code)

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

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

 

None

None

None

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

Yes

No

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

Yes

No

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

Large accelerated filer

  

Accelerated Filer

Non-accelerated filer

Smaller Reporting Company

Emerging Growth Company

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

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

Yes

No

Table of Contents

BF GARDEN TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2024

TABLE OF CONTENTS

 

Pages

PART I FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Condensed Financial Statements

 

 

 

Condensed Balance Sheets

3-30

 

Condensed Statements of Operations

31-58

 

Condensed Statements of Changes in Partners’ Capital (Deficit)

59-86

 

Condensed Statements of Cash Flows

87-114

 

Notes to Condensed Financial Statements

115-148

 

 

 

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

149-158

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

158

 

 

 

Item 4. Controls and Procedures

158

 

 

 

PART II OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

159

 

 

 

 

Item 1A. Risk Factors

159

 

 

 

 

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

159

 

 

 

 

Item 3. Defaults Upon Senior Securities

159

 

 

 

 

Item 4. Mine Safety Disclosures

159

 

 

 

 

Item 5. Other Information

159

 

 

 

 

Item 6. Exhibits

159

 

 

 

 

Signatures

160

2

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

 

  

 

  

Cash and cash equivalents

 

45,558

 

69,012

Other assets

 

3,102

 

3,000

$

48,660

$

72,012

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

1

$

1

Accounts payable affiliates (Note C)

 

3,167,359

 

3,129,031

3,167,360

3,129,032

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 82,874,653 outstanding as of June 30, 2024 and March 31, 2024.

 

(6,757,335)

 

(6,696,272)

General Partner

 

3,638,635

 

3,639,252

(3,118,700)

(3,057,020)

$

48,660

$

72,012

The accompanying notes are an integral part of this condensed statement

3

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 20

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

 

  

 

  

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,828,200 outstanding as of June 30, 2024 and March 31, 2024.

 

(754,767)

 

(754,767)

General Partner

 

754,767

 

754,767

$

$

The accompanying notes are an integral part of this condensed statement

4

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 21

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

 

  

 

  

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,879,500 outstanding as of June 30, 2024 and March 31, 2024.

 

(898,231)

 

(898,231)

General Partner

 

898,231

 

898,231

$

$

The accompanying notes are an integral part of this condensed statement

5

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 22

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,550,145 outstanding as of June 30, 2024 and March 31, 2024.

 

(2,448,362)

 

(2,448,362)

General Partner

 

2,448,362

 

2,448,362

$

$

The accompanying notes are an integral part of this condensed statement

6

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 23

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,303,327 outstanding as of June 30, 2024 and March 31, 2024.

 

(224,264)

 

(224,264)

General Partner

 

224,264

 

224,264

$

$

The accompanying notes are an integral part of this condensed statement

7

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 24

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,169,878 issued and 2,150,053 outstanding as of June 30, 2024 and March 31, 2024.

 

173,404

 

173,404

General Partner

 

(173,404)

 

(173,404)

$

$

The accompanying notes are an integral part of this condensed statement

8

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 25

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

 

  

 

  

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and 3,016,809 outstanding as of June 30, 2024 and March 31, 2024.

 

219,815

 

219,815

General Partner

 

(219,815)

 

(219,815)

$

$

The accompanying notes are an integral part of this condensed statement

9

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 26

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and 3,926,374 outstanding as of June 30, 2024 and March 31, 2024.

 

313,969

 

313,969

General Partner

 

(313,969)

 

(313,969)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

10

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 27

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,431,350 outstanding as of June 30, 2024 and March 31, 2024.

 

133,264

 

133,264

General Partner

 

(133,264)

 

(133,264)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

11

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 28

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and 3,979,139 outstanding as of June 30, 2024 and March 31, 2024.

 

275,140

 

275,140

General Partner

 

(275,140)

 

(275,140)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

12

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 29

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

 

  

 

  

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,911,725 outstanding as of June 30, 2024 and March 31, 2024.

 

(2,341,163)

 

(2,341,163)

General Partner

 

2,341,163

 

2,341,163

 

 

$

$

The accompanying notes are an integral part of this condensed statement

13

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 30

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

 

  

 

  

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,621,200 outstanding as of June 30, 2024 and March 31, 2024.

 

(883,119)

 

(883,119)

General Partner

 

883,119

 

883,119

 

 

$

$

The accompanying notes are an integral part of this condensed statement

14

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 31

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

 

  

 

  

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,375,757 outstanding as of June 30, 2024 and March 31, 2024.

 

353,529

 

353,529

General Partner

 

(353,529)

 

(353,529)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

15

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 32

  

June 30, 

  

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

 

  

 

  

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,706,298 outstanding as of June 30, 2024 and March 31, 2024.

 

380,821

 

380,821

General Partner

 

(380,821)

 

(380,821)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

16

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 33

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

 

  

 

  

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,605,833 outstanding as of June 30, 2024 and March 31, 2024.

 

196,294

 

196,294

General Partner

 

(196,294)

 

(196,294)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

17

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 34

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

 

  

 

  

Cash and cash equivalents

 

5,633

 

5,372

Other assets

 

51

 

$

5,684

$

5,372

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

2,620,875

 

2,589,252

 

2,620,875

 

2,589,252

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,474,319 outstanding as of June 30, 2024 and March 31, 2024.

 

(2,288,650)

 

(2,257,652)

General Partner

 

(326,541)

 

(326,228)

 

(2,615,191)

 

(2,583,880)

$

5,684

$

5,372

The accompanying notes are an integral part of this condensed statement

18

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 35

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

 

  

 

  

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,277,913 outstanding as of June 30, 2024 and March 31, 2024.

 

223,088

 

223,088

General Partner

 

(223,088)

 

(223,088)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

19

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 36

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,083,704 outstanding as of June 30, 2024 and March 31, 2024.

 

148,221

 

148,221

General Partner

 

(148,221)

 

(148,221)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

20

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 37

  

June 30, 

  

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,489,100 outstanding as of June 30, 2024 and March 31, 2024.

 

205,359

 

205,359

General Partner

 

(205,359)

 

(205,359)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

21

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 38

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and 2,536,200 outstanding as of June 30, 2024 and March 31, 2024.

 

188,889

 

188,889

General Partner

 

(188,889)

 

(188,889)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

22

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 39

  

June 30, 

  

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,288,351 outstanding as of June 30, 2024 and March 31, 2024.

 

196,043

 

196,043

General Partner

 

(196,043)

 

(196,043)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

23

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 40

  

June 30, 

  

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,611,356 outstanding as of June 30, 2024 and March 31, 2024.

 

216,900

 

216,900

General Partner

 

(216,900)

 

(216,900)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

24

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 41

  

June 30, 

  

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

 

  

 

  

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

 

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and 2,865,176 outstanding as of June 30, 2024 and March 31, 2024.

 

(987,713)

 

(987,713)

General Partner

 

987,713

 

987,713

 

 

$

$

The accompanying notes are an integral part of this condensed statement

25

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 42

    

June 30, 

    

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and 2,706,362 outstanding as of June 30, 2024 and March 31, 2024.

 

216,680

 

216,680

General Partner

 

(216,680)

 

(216,680)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

26

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 43

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and 3,617,987 outstanding as of June 30, 2024 and March 31, 2024.

 

306,854

 

306,854

General Partner

 

(306,854)

 

(306,854)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

27

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 44

June 30, 

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,682,873 outstanding as of June 30, 2024 and March 31, 2024.

 

207,874

 

207,874

General Partner

 

(207,874)

 

(207,874)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

28

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 45

June 30, 

  

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

 

Other assets

 

 

$

$

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

$

Accounts payable affiliates (Note C)

 

 

 

 

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and 3,989,967 outstanding as of June 30, 2024 and March 31, 2024.

 

348,522

 

348,522

General Partner

 

(348,522)

 

(348,522)

 

 

$

$

The accompanying notes are an integral part of this condensed statement

29

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 46

  

June 30, 

  

March 31, 

    

2024

    

2024

INVESTMENTS IN OPERATING PARTNERSHIPS

$

$

OTHER ASSETS

Cash and cash equivalents

 

39,925

 

63,640

Other assets

 

3,051

 

3,000

$

42,976

$

66,640

LIABILITIES

 

  

 

  

Accounts payable and accrued expenses

$

1

$

1

Accounts payable affiliates (Note C)

 

546,484

 

539,779

 

546,485

 

539,780

PARTNERS’ CAPITAL (DEFICIT)

 

  

 

  

Assignees

 

  

 

  

Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,965,635 outstanding as of June 30, 2024 and March 31, 2024.

 

(235,732)

 

(205,667)

General Partner

 

(267,777)

 

(267,473)

 

(503,509)

 

(473,140)

$

42,976

$

66,640

The accompanying notes are an integral part of this condensed statement

30

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

    

2024

    

2023

Income

Interest income

$

455

$

3,250

Other income

 

 

49,860

 

455

 

53,110

Gain on disposition of Operating Partnerships

 

 

1,017,868

Expenses

 

  

 

  

Professional fees

 

7,214

 

1,429

Fund management fee, net (Note C)

 

11,328

 

1,623

General and administrative expenses

 

43,593

 

107,943

 

62,135

 

110,995

NET INCOME (LOSS)

$

(61,680)

$

959,983

Net income (loss) allocated to assignees

$

(61,063)

$

950,383

Net income (loss) allocated to general partner

$

(617)

$

9,600

Net income (loss) per BAC

$

(.00)

$

.01

The accompanying notes are an integral part of this condensed statement

31

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 20

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

32

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 21

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

33

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 22

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

34

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 23

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

 

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

35

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 24

    

2024

      

2023

Income

Interest income

$

$

Other income

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

36

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 25

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

37

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 26

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

38

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 27

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

39

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 28

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

40

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 29

    

2024

    

2023

Income

Interest income

$

$

459

Other income

 

 

16,876

17,335

Gain on disposition of Operating Partnerships

 

 

430,628

Expenses

 

  

 

  

Professional fees

 

 

310

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

90,173

 

 

90,483

NET INCOME (LOSS)

$

$

357,480

Net income (loss) allocated to assignees

$

$

353,905

Net income (loss) allocated to general partner

$

$

3,575

Net income (loss) per BAC

$

$

.09

The accompanying notes are an integral part of this condensed statement

41

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 30

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

42

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 31

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

 

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

43

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 32

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

44

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 33

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

45

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 34

    

2024

    

2023

Income

Interest income

$

$

134

Other income

 

 

134

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

3,607

809

Fund management fee, net (Note C)

 

4,623

1,623

General and administrative expenses

 

23,081

9,098

 

31,311

11,530

NET INCOME (LOSS)

$

(31,311)

$

(11,396)

Net income (loss) allocated to assignees

$

(30,998)

$

(11,282)

Net income (loss) allocated to general partner

$

(313)

$

(114)

Net income (loss) per BAC

$

(.01)

$

(.00)

The accompanying notes are an integral part of this condensed statement

46

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 35

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

Fund management fee, net (Note C)

 

General and administrative expenses

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

47

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 36

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

Fund management fee, net (Note C)

 

General and administrative expenses

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

48

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 37

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

49

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 38

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

Fund management fee, net (Note C)

 

General and administrative expenses

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

50

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 39

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

51

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 40

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

Fund management fee, net (Note C)

 

General and administrative expenses

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

52

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 41

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

53

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 42

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

54

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 43

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

55

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 44

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

56

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 45

    

2024

    

2023

Income

Interest income

$

$

Other income

 

 

 

 

Gain on disposition of Operating Partnerships

 

 

Expenses

 

  

 

  

Professional fees

 

 

Fund management fee, net (Note C)

 

 

General and administrative expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to assignees

$

$

Net income (loss) allocated to general partner

$

$

Net income (loss) per BAC

$

$

The accompanying notes are an integral part of this condensed statement

57

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended June 30,

(Unaudited)

Series 46

    

2024

    

2023

Income

Interest income

$

455

$

2,657

Other income

 

 

32,984

 

455

 

35,641

Gain (Loss) on disposition of Operating Partnerships

 

 

587,240

Expenses

 

  

 

  

Professional fees

 

3,607

 

310

Fund management fee, net (Note C)

 

6,705

 

General and administrative expenses

 

20,512

 

8,672

 

30,824

 

8,982

NET INCOME (LOSS)

$

(30,369)

$

613,899

Net income (loss) allocated to assignees

$

(30,065)

$

607,760

Net income (loss) allocated to general partner

$

(304)

$

6,139

Net income (loss) per BAC

$

(.01)

$

.20

The accompanying notes are an integral part of this condensed statement

58

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

$

(6,696,272)

 

$

3,639,252

 

$

(3,057,020)

Net income (loss)

(61,063)

(617)

(61,680)

Partners’ capital (deficit), June 30, 2024

$

(6,757,335)

$

3,638,635

$

(3,118,700)

General

   

Assignees

   

Partner

   

Total

Partners’ capital (deficit) April 1, 2023

$

(7,446,921)

$

924,791

$

(6,522,130)

Contribution

2,706,879

2,706,879

Net income (loss)

950,383

9,600

959,983

Partners’ capital (deficit), June 30, 2023

$

(6,496,538)

$

3,641,270

$

(2,855,268)

The accompanying notes are an integral part of this condensed statement

59

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 20

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

(754,767)

 

$

754,767

 

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

(754,767)

$

754,767

$

General

   

Assignees

   

Partner

   

Total

Partners’ capital (deficit) April 1, 2023

$

(754,767)

$

754,767

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

(754,767)

$

754,767

$

The accompanying notes are an integral part of this condensed statement

60

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 21

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

(898,231)

 

$

898,231

 

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

(898,231)

$

898,231

$

General

   

Assignees

   

Partner

   

Total

Partners’ capital (deficit) April 1, 2023

$

(898,231)

$

898,231

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

(898,231)

$

898,231

$

The accompanying notes are an integral part of this condensed statement

61

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 22

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

(2,448,362)

 

$

2,448,362

 

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

(2,448,362)

$

2,448,362

$

General

   

Assignees

   

Partner

   

Total

Partners’ capital (deficit) April 1, 2023

$

(2,448,362)

$

2,448,362

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

(2,448,362)

$

2,448,362

$

The accompanying notes are an integral part of this condensed statement

62

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 23

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

(224,264)

 

$

224,264

 

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

(224,264)

$

224,264

$

General

   

Assignees

   

Partner

   

Total

Partners’ capital (deficit) April 1, 2023

$

(224,264)

$

224,264

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

(224,264)

$

224,264

$

The accompanying notes are an integral part of this condensed statement

63

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 24

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

173,404

 

$

(173,404)

 

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

173,404

$

(173,404)

$

General

   

Assignees

   

Partner

   

Total

Partners’ capital (deficit) April 1, 2023

$

173,404

$

(173,404)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

173,404

$

(173,404)

$

The accompanying notes are an integral part of this condensed statement

64

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 25

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

219,815

 

$

(219,815)

 

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

219,815

$

(219,815)

$

General

   

Assignees

   

Partner

   

Total

Partners’ capital (deficit) April 1, 2023

$

219,815

$

(219,815)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

219,815

$

(219,815)

$

The accompanying notes are an integral part of this condensed statement

65

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 26

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

313,969

 

$

(313,969)

 

$

Net income (loss)

 

 

 

Partners’ capital (deficit), June 30, 2024

$

313,969

$

(313,969)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

313,969

$

(313,969)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

313,969

$

(313,969)

$

The accompanying notes are an integral part of this condensed statement

66

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 27

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

133,264

 

$

(133,264)

 

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

133,264

$

(133,264)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

133,264

$

(133,264)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

133,264

$

(133,264)

$

The accompanying notes are an integral part of this condensed statement

67

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 28

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

275,140

 

$

(275,140)

 

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

275,140

$

(275,140)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

275,140

$

(275,140)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

275,140

$

(275,140)

$

The accompanying notes are an integral part of this condensed statement

68

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 29

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

(2,341,163)

 

$

2,341,163

 

$

Net income (loss)

 

 

 

Partners’ capital (deficit), June 30, 2024

$

(2,341,163)

$

2,341,163

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

(2,695,068)

$

(369,291)

$

(3,064,359)

Contribution

2,706,879

2,706,879

Net income (loss)

353,905

3,575

357,480

Partners’ capital (deficit), June 30, 2023

$

(2,341,163)

$

2,341,163

$

The accompanying notes are an integral part of this condensed statement

69

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 30

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

(883,119)

 

$

883,119

 

$

Net income (loss)

 

 

 

Partners’ capital (deficit), June 30, 2024

$

(883,119)

$

883,119

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

(883,119)

$

883,119

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

(883,119)

$

883,119

$

The accompanying notes are an integral part of this condensed statement

70

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 31

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

353,529

 

$

(353,529)

 

$

Net income (loss)

 

 

 

Partners’ capital (deficit), June 30, 2024

$

353,529

$

(353,529)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

353,529

$

(353,529)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

353,529

$

(353,529)

$

The accompanying notes are an integral part of this condensed statement

71

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 32

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

380,821

 

$

(380,821)

 

$

Net income (loss)

 

 

 

Partners’ capital (deficit), June 30, 2024

$

380,821

$

(380,821)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

380,821

$

(380,821)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

380,821

$

(380,821)

$

The accompanying notes are an integral part of this condensed statement

72

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 33

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

196,294

 

$

(196,294)

 

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

196,294

$

(196,294)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

196,294

$

(196,294)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

196,294

$

(196,294)

$

The accompanying notes are an integral part of this condensed statement

73

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 34

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

(2,257,652)

 

$

(326,228)

 

$

(2,583,880)

Net income (loss)

(30,998)

(313)

(31,311)

Partners’ capital (deficit), June 30, 2024

$

(2,288,650)

$

(326,541)

$

(2,615,191)

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

(2,149,650)

$

(325,137)

$

(2,474,787)

Contribution

Net income (loss)

(11,282)

(114)

(11,396)

Partners’ capital (deficit), June 30, 2023

$

(2,160,932)

$

(325,251)

$

(2,486,183)

The accompanying notes are an integral part of this condensed statement

74

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 35

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

223,088

 

$

(223,088)

 

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

223,088

$

(223,088)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

223,088

$

(223,088)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

223,088

$

(223,088)

$

The accompanying notes are an integral part of this condensed statement

75

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 36

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

148,221

 

$

(148,221)

 

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

148,221

$

(148,221)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

148,221

$

(148,221)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

148,221

$

(148,221)

$

The accompanying notes are an integral part of this condensed statement

76

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 37

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

$

205,359

$

(205,359)

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

205,359

$

(205,359)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

205,359

$

(205,359)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

205,359

$

(205,359)

$

The accompanying notes are an integral part of this condensed statement

77

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 38

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

$

188,889

$

(188,889)

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

188,889

$

(188,889)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

188,889

$

(188,889)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

188,889

$

(188,889)

$

The accompanying notes are an integral part of this condensed statement

78

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 39

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

$

196,043

$

(196,043)

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

196,043

$

(196,043)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

196,043

$

(196,043)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

196,043

$

(196,043)

$

The accompanying notes are an integral part of this condensed statement

79

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 40

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

$

216,900

$

(216,900)

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

216,900

$

(216,900)

$

  

  

General

  

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

 

$

216,900

 

$

(216,900)

 

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

216,900

$

(216,900)

$

The accompanying notes are an integral part of this condensed statement

80

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 41

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

$

(987,713)

$

987,713

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

(987,713)

$

987,713

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

(987,713)

$

987,713

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

(987,713)

$

987,713

$

The accompanying notes are an integral part of this condensed statement

81

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 42

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

$

216,680

$

(216,680)

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

216,680

$

(216,680)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

216,680

$

(216,680)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

216,680

$

(216,680)

$

The accompanying notes are an integral part of this condensed statement

82

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 43

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

$

306,854

$

(306,854)

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

306,854

$

(306,854)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

306,854

$

(306,854)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

306,854

$

(306,854)

$

The accompanying notes are an integral part of this condensed statement

83

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 44

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

$

207,874

$

(207,874)

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

207,874

$

(207,874)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

207,874

$

(207,874)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

207,874

$

(207,874)

$

The accompanying notes are an integral part of this condensed statement

84

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 45

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

$

348,522

$

(348,522)

$

Net income (loss)

Partners’ capital (deficit), June 30, 2024

$

348,522

$

(348,522)

$

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

348,522

$

(348,522)

$

Contribution

Net income (loss)

Partners’ capital (deficit), June 30, 2023

$

348,522

$

(348,522)

$

The accompanying notes are an integral part of this condensed statement

85

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Three Months Ended June 30, 2024 and 2023

(Unaudited)

Series 46

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2024

 

$

(205,667)

 

$

(267,473)

 

$

(473,140)

Net income (loss)

 

(30,065)

 

(304)

 

(30,369)

Partners’ capital (deficit), June 30, 2024

$

(235,732)

$

(267,777)

$

(503,509)

General

    

Assignees

    

Partner

    

Total

Partners’ capital (deficit) April 1, 2023

$

(710,413)

$

(272,571)

$

(982,984)

Contribution

Net income (loss)

607,760

6,139

613,899

Partners’ capital (deficit), June 30, 2023

$

(102,653)

$

(266,432)

$

(369,085)

The accompanying notes are an integral part of this condensed statement

86

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

(61,680)

$

959,983

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

Gain on disposition of Operating Partnerships

 

 

(1,017,868)

Changes in assets and liabilities

(Increase) Decrease in other assets

 

(102)

 

2,691

(Decrease) Increase in accounts payable affiliates

 

38,328

 

(999,662)

Net cash (used in) provided by operating activities

 

(23,454)

 

(1,054,856)

Cash flows from investing activities:

 

 

Proceeds from the disposition of Operating Partnerships

 

 

1,017,083

Net cash provided by investing activities

 

 

1,017,083

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(23,454)

 

(37,773)

Cash and cash equivalents, beginning

 

69,012

 

508,245

Cash and cash equivalents, ending

$

45,558

$

470,472

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

2,706,879

The accompanying notes are an integral part of this condensed statement

87

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 20

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

 

 

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

 

 

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

 

  

 

  

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

 

 

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

88

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 21

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

 

 

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

 

 

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

89

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 22

    

2024

    

2023

 

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

 

 

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

90

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 23

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

 

 

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

91

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 24

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

 

 

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

92

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 25

    

2024

    

2023

 

Cash flows from operating activities:

Net income (loss)

$

$

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

 

Gain on disposition of Operating Partnerships

 

Changes in assets and liabilities

 

(Increase) Decrease in other assets

 

(Decrease) Increase in accounts payable affiliates

 

Net cash (used in) provided by operating activities

 

Cash flows from investing activities:

 

Proceeds from the disposition of Operating Partnerships

 

Net cash provided by investing activities

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

Cash and cash equivalents, beginning

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

93

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 26

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

 

 

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

94

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 27

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

 

  

 

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

95

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 28

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

96

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 29

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

357,480

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

Gain on disposition of Operating Partnerships

 

 

(430,628)

Changes in assets and liabilities

(Increase) Decrease in other assets

 

 

2,582

(Decrease) Increase in accounts payable affiliates

 

 

(406,423)

Net cash (used in) provided by operating activities

 

 

(476,989)

Cash flows from investing activities:

 

Proceeds from the disposition of Operating Partnerships

 

 

429,843

Net cash provided by investing activities

 

 

429,843

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

(47,146)

Cash and cash equivalents, beginning

 

47,146

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

2,706,879

The accompanying notes are an integral part of this condensed statement

97

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 30

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

Changes in assets and liabilities

 

(Increase) Decrease in other assets

 

(Decrease) Increase in accounts payable affiliates

 

Net cash (used in) provided by operating activities

 

Cash flows from investing activities:

 

  

 

  

Proceeds from the disposition of Operating Partnerships

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

98

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 31

  

2024

  

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

Changes in assets and liabilities

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

Cash flows from investing activities:

 

  

 

Proceeds from the disposition of Operating Partnerships

 

Net cash provided by investing activities

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

Cash and cash equivalents, beginning

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

99

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 32

  

2024

  

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

 

 

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

 

 

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

Net cash (used in) provided by operating activities

 

Cash flows from investing activities:

 

 

Proceeds from the disposition of Operating Partnerships

 

Net cash provided by investing activities

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

Cash and cash equivalents, beginning

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

100

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 33

  

2024

  

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

Net cash (used in) provided by operating activities

 

Cash flows from investing activities:

  

  

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

Cash and cash equivalents, beginning

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

101

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 34

  

2024

  

2023

Cash flows from operating activities:

Net income (loss)

$

(31,311)

$

(11,396)

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

 

(51)

 

27

(Decrease) Increase in accounts payable affiliates

 

31,623

4,623

Net cash (used in) provided by operating activities

 

261

(6,746)

Cash flows from investing activities:

 

  

 

  

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

261

(6,746)

Cash and cash equivalents, beginning

 

5,372

31,891

Cash and cash equivalents, ending

$

5,633

$

25,145

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

102

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 35

  

2024

  

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

Cash flows from investing activities:

  

  

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

Cash and cash equivalents, beginning

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

103

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 36

  

2024

  

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

Cash flows from investing activities:

 

  

 

  

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

Cash and cash equivalents, beginning

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

104

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 37

  

2024

  

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

Cash and cash equivalents, beginning

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

105

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 38

  

2024

  

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

106

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 39

  

2024

  

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

Cash and cash equivalents, beginning

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

107

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 40

  

2024

  

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

108

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 41

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

 

  

 

  

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

109

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 42

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

  

  

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

110

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 43

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

 

  

 

  

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

111

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 44

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

 

 

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

  

  

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 45

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

$

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

Gain on disposition of Operating Partnerships

 

 

Changes in assets and liabilities

(Increase) Decrease in other assets

(Decrease) Increase in accounts payable affiliates

 

 

Net cash (used in) provided by operating activities

 

 

Cash flows from investing activities:

 

  

 

  

Proceeds from the disposition of Operating Partnerships

 

 

Net cash provided by investing activities

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

Cash and cash equivalents, beginning

 

 

Cash and cash equivalents, ending

$

$

Supplemental schedule of noncash investing and financing activities

 

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 46

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

(30,369)

$

613,899

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

Gain on disposition of Operating Partnerships

 

 

(587,240)

Changes in assets and liabilities

(Increase) Decrease in other assets

(51)

82

(Decrease) Increase in accounts payable affiliates

 

6,705

 

(597,862)

Net cash (used in) provided by operating activities

 

(23,715)

 

(571,121)

Cash flows from investing activities:

  

  

Proceeds from the disposition of Operating Partnerships

 

 

587,240

Net cash provided by investing activities

 

 

587,240

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(23,715)

 

16,119

Cash and cash equivalents, beginning

 

63,640

 

429,208

Cash and cash equivalents, ending

$

39,925

$

445,327

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

$

The accompanying notes are an integral part of this condensed statement

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS

June 30, 2024

(Unaudited)

NOTE A – ORGANIZATION

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

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the “Public Offering”) of the Fund’s beneficial assignee certificates (“BACs”) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. On April 18, 1996, an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998, an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective.

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE A – ORGANIZATION (continued)

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

Series

    

Closing Date

    

BACs Sold

    

Equity Raised

Series 20

 

June 24, 1994

 

3,866,700

$

38,667,000

Series 21

 

December 31, 1994

 

1,892,700

$

18,927,000

Series 22

 

December 28, 1994

 

2,564,400

$

25,644,000

Series 23

June 23, 1995

 

3,336,727

$

33,366,000

Series 24

September 22, 1995

 

2,169,878

$

21,697,000

Series 25

December 29, 1995

 

3,026,109

$

30,248,000

Series 26

June 25, 1996

 

3,995,900

$

39,959,000

Series 27

September 17, 1996

 

2,460,700

$

24,607,000

Series 28

January 29, 1997

 

4,000,738

$

39,999,000

Series 29

June 10, 1997

 

3,991,800

$

39,918,000

Series 30

September 10, 1997

 

2,651,000

$

26,490,750

Series 31

January 18, 1998

 

4,417,857

$

44,057,750

Series 32

June 23, 1998

 

4,754,198

$

47,431,000

Series 33

September 21, 1998

 

2,636,533

$

26,362,000

Series 34

February 11, 1999

 

3,529,319

$

35,273,000

Series 35

June 28, 1999

 

3,300,463

$

33,004,630

Series 36

September 28, 1999

 

2,106,838

$

21,068,375

Series 37

January 28, 2000

 

2,512,500

$

25,125,000

Series 38

July 31, 2000

 

2,543,100

$

25,431,000

Series 39

January 31, 2001

 

2,292,151

$

22,921,000

Series 40

July 31, 2001

 

2,630,256

$

26,269,256

Series 41

January 31, 2002

 

2,891,626

$

28,916,260

Series 42

July 31, 2002

 

2,744,262

$

27,442,620

Series 43

December 31, 2002

 

3,637,987

$

36,379,870

Series 44

April 30, 2003

 

2,701,973

$

27,019,730

Series 45

September 16, 2003

 

4,014,367

$

40,143,670

Series 46

December 19, 2003

 

2,980,998

$

29,809,980

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

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of June 30, 2024 and for the three 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, 2024.

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner, prior to the sale as disclosed in Note A. As part of the sale disclosed in Note A, the fund management fee is now assigned to BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”) and an affiliate of the general partner, in an annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships. The obligation that had been accrued to Boston Capital Asset Management Limited Partnership was transferred to Companion as disclosed in Note A. Since reporting fees collected by the various series were added to reserves and not paid, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended June 30, 2024 and 2023, are as follows:

    

2024

    

2023

Series 29

$

$

376

Series 34

 

4,623

 

4,623

Series 46

6,705

12,279

$

11,328

$

17,278

The fund management fees paid for the three months ended June 30, 2024 and 2023 are as follows:

    

2024

    

2023

Series 29

$

$

406,799

Series 46

610,141

$

$

1,016,940

An affiliate of the general partner has forgiven asset management fees payable as a result of the sales of all operating limited partnerships in one of the series. Total forgiveness of debt for the three months ended June 30, 2024 and 2023 was $- and $2,706,879, respectively. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2024 and 2023, the Fund has limited partnership interests in 2 and 3 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at June 30, 2024 and 2023 are as follows:

    

2024

    

2023

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

 

1

 

1

Series 35

 

 

Series 36

 

 

Series 37

 

 

Series 38

 

 

Series 39

 

 

Series 40

 

 

Series 41

 

 

Series 42

 

 

Series 43

 

 

Series 44

 

 

Series 45

 

 

Series 46

 

1

 

2

 

2

 

3

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the three months ended June 30, 2024 the Fund did not dispose of any Operating Partnerships.

During the three months ended June 30, 2023 the Fund disposed of two Operating Partnerships. A summary of the dispositions by series for June 30, 2023 is as follows:

Operating

Sale of

    

    

Partnership

Underlying

Fund Proceeds

Interest

Operating

from

Gain on

    

Transferred

    

Partnership

    

Disposition *

    

Disposition

Series 29

1

$

429,843

$

430,628

Series 46

1

 

587,240

 

587,240

Total

2

$

1,017,083

$

1,017,868

*Fund proceeds from disposition does not include $785, which was due to a write-off of capital contribution payable as of June 30, 2023, for Series 29.

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.

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership’s partnership agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the three months ended March 31, 2024.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

    

2024

    

2023

Revenues

  

  

Rental

$

348,639

$

376,586

Interest and other

7,603

7,980

 

356,242

384,566

Expenses

 

Interest

 

33,370

 

38,914

Depreciation and amortization

 

63,739

 

77,668

Operating expenses

219,218

271,951

316,327

388,533

NET INCOME (LOSS)

$

39,915

$

(3,967)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

39,516

$

(3,928)

Net income (loss) allocated to other Partners

$

399

$

(39)

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

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 20

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

Expenses

  

 

  

Interest

 

Depreciation and amortization

 

Operating expenses

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

121

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 21

    

2024

2023

Revenues

Rental

$

$

Interest and other

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

122

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 22

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

123

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 23

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

124

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 24

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

125

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 25

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

126

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 26

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

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Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 27

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

128

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 28

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

129

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 29

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

130

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 30

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

131

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 31

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

Expenses

  

 

  

Interest

 

Depreciation and amortization

 

Operating expenses

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

132

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 32

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

133

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 33

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

134

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 34

    

2024

    

2023

Revenues

Rental

$

191,719

$

156,690

Interest and other

 

4,376

 

5,987

 

196,095

 

162,677

Expenses

 

 

Interest

 

20,591

 

20,966

Depreciation and amortization

 

22,205

 

22,107

Operating expenses

 

101,311

 

112,723

 

144,107

 

155,796

NET INCOME (LOSS)

$

51,988

$

6,881

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

51,468

$

6,812

Net income (loss) allocated to other Partners

$

520

$

69

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

135

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 35

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

136

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 36

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

137

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 37

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

138

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 38

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

139

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 39

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

140

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 40

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

141

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 41

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

142

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 42

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

  

 

  

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

143

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 43

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

 

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

144

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 44

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

 

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

145

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 45

    

2024

    

2023

Revenues

Rental

$

$

Interest and other

 

 

 

 

Expenses

 

 

Interest

 

 

Depreciation and amortization

 

 

Operating expenses

 

 

 

 

NET INCOME (LOSS)

$

$

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

$

Net income (loss) allocated to other Partners

$

$

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

146

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Unaudited)

Series 46

    

2024

    

2023

Revenues

Rental

$

156,920

$

219,896

Interest and other

 

3,227

 

1,993

 

160,147

 

221,889

Expenses

 

 

Interest

 

12,779

 

17,948

Depreciation and amortization

 

41,534

 

55,561

Operating expenses

 

117,907

 

159,228

 

172,220

 

232,737

NET INCOME (LOSS)

$

(12,073)

$

(10,848)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.

$

(11,952)

$

(10,740)

Net income (loss) allocated to other Partners

$

(121)

$

(108)

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.

147

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

June 30, 2024

(Unaudited)

NOTE E - TAXABLE LOSS

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

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2020 remain open.

NOTE G - SUBSEQUENT EVENTS

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

148

Table of Contents

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

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. 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. All forward-looking statements speak only as of the date of this Form 10-Q. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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

Liquidity

The Fund’s former sources of funds were (i) the proceeds of the Offering, (ii) interest earned on capital contributions held pending investment and on working capital, and (iii) cash distributions from operations of the Operating Partnerships in which the Fund invested. The Fund’s current sources of liquidity include (i) interest on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund invested. 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 June 30, 2024 were $11,328 and total fund management fees accrued as of June 30, 2024 were $3,076,359. During the three months ended June 30, 2024, none of the accrued fund management fees were paid. Pursuant to the Fund’s partnership agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships that will be used to satisfy these liabilities. The Fund’s working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third-party obligations of the Fund. The Fund is currently unaware of any trends that would create insufficient liquidity to meet future third party obligations of the Fund.

An affiliate of the General Partner has made advances to the Partnership to temporarily cover operating expenses of the Partnership. During the three months ended June 30, 2024, an affiliate of the General Partner made advances of $27,000. As of June 30, 2024, advances of $91,000 are outstanding. The advances do not bear interest, are unsecured and are payable on demand.

149

Table of Contents

Capital Resources

The Fund offered beneficial assignee certificates (“BACs”) in the Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,256, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,980,998 BACs from investors admitted as BAC holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of June 30, 2024.

Series 20

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

Prior to the quarter ended June 30, 2024, Series 20 had released all payments of its capital contributions to the Operating Partnerships.

Series 21

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

Prior to the quarter ended June 30, 2024, Series 21 had released all payments of its capital contributions to the Operating Partnerships.

Series 22

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

Prior to the quarter ended June 30, 2024, Series 22 had released all payments of its capital contributions to the Operating Partnerships.

Series 23

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

Prior to the quarter ended June 30, 2024, 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 all 24 of the Operating Partnerships.

Prior to the quarter ended June 30, 2024, Series 24 had released all payments of its capital contributions to the Operating Partnerships.

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Series 25

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

Prior to the quarter ended June 30, 2024, Series 25 had released all payments of its capital contributions to the Operating Partnerships.

Series 26

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

Prior to the quarter ended June 30, 2024, Series 26 had released all payments of its capital contributions to the Operating Partnerships.

Series 27

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

Prior to the quarter ended June 30, 2024, Series 27 had released all payments of its capital contributions to the Operating Partnerships.

Series 28

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

Prior to the quarter ended June 30, 2024, 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 all 22 of the Operating Partnerships.

As a result of the sale of all operating limited partnerships an affiliate of the general partner has forgiven asset management fees payable of the series. The total forgiveness of debt for the three months ended June 30, 2023 was $2,706,879 for Series 29. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.

Prior to the quarter ended June 30, 2024, Series 29 had released all payments of its capital contributions to the Operating Partnerships.

Series 30

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

Prior to the quarter ended June 30, 2024, Series 30 had released all payments of its capital contributions to the Operating Partnerships.

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Series 31

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

Prior to the quarter ended June 30, 2024, Series 31 had released all payments of its capital contributions to the Operating Partnerships.

Series 32

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

Prior to the quarter ended June 30, 2024, Series 32 had released all payments of its capital contributions to the Operating Partnerships.

Series 33

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

Prior to the quarter ended June 30, 2024, Series 33 had released all payments of its capital contributions to the Operating Partnerships.

Series 34

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

Prior to the quarter ended June 30, 2024, Series 34 had released all payments of its capital contributions to the Operating Partnerships.

Series 35

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

Prior to the quarter ended June 30, 2024, 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 all 11 of the Operating Partnerships.

Prior to the quarter ended June 30, 2024, Series 36 had released all payments of its capital contributions to the Operating Partnerships.

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Series 37

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

Prior to the quarter ended June 30, 2024, Series 37 had released all payments of its capital contributions to the Operating Partnerships.

Series 38

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

Prior to the quarter ended June 30, 2024, Series 38 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.

Series 39

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

Prior to the quarter ended June 30, 2024, Series 39 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.

Series 40

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

Prior to the quarter ended June 30, 2024, Series 40 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.

Series 41

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

Prior to the quarter ended June 30, 2024, Series 41 had released all payments of its capital contributions to the Operating Partnerships.

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 all 23 of the Operating Partnerships.

Prior to the quarter ended June 30, 2024, Series 42 had released all payments of its capital contributions to the Operating Partnerships.

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Series 43

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

Prior to the quarter ended June 30, 2024, Series 43 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.

Series 44

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

Prior to the quarter ended June 30, 2024, 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 all 31 of the Operating Partnerships.

Prior to the quarter ended June 30, 2024, Series 45 had released all payments of its capital contributions to the Operating Partnerships.

Series 46

The Fund commenced offering BACs in Series 46 on September 23, 2003. Offers and sales of BACs in Series 46 were completed on December 19, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $22,495,082. Series 46 has since sold its interest in 14 of the Operating Partnerships and 1 remains.

Prior to the quarter ended June 30, 2024, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of June 30, 2024 and 2023, the Fund held limited partnership interests in 2 and 3 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.

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The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, formerly an affiliate of the Fund’s general partner. As part of the sale disclosed in Note A, the fund management fee is now with BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the Fund’s general partner, in an annual fund management fee of.5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three months ended June 30, 2024 are as follows:

    

    

    

3 Months

3 Months

3 Months

Fund Management Fee Net

Gross Fund

Asset Management and

of Asset Management and

    

Management Fee

    

Reporting Fee

    

Reporting Fee

Series 34

$

4,623

$

$

4,623

Series 46

 

6,705

 

 

6,705

$

11,328

$

$

11,328

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

Series 20

The series did not have any properties as of June 30, 2024 and 2023.

Series 21

The series did not have any properties as of June 30, 2024 and 2023.

Series 22

The series did not have any properties as of June 30, 2024 and 2023.

Series 23

The series did not have any properties as of June 30, 2024 and 2023.

Series 24

The series did not have any properties as of June 30, 2024 and 2023.

Series 25

The series did not have any properties as of June 30, 2024 and 2023.

Series 26

The series did not have any properties as of June 30, 2024 and 2023.

Series 27

The series did not have any properties as of June 30, 2024 and 2023.

Series 28

The series did not have any properties as of June 30, 2024 and 2023.

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Series 29

The series did not have any properties as of June 30, 2024 and 2023.

In April 2023, the investment general partner sold its interest in Lincoln Hotel Partnership, A California Limited Partnership, with cash proceeds to the investment partnership of $429,843. These proceeds were returned to cash reserves held by Series 29 and recorded as a gain on sale as of June 30, 2023. In addition, equity outstanding for the Operating Partnership in the amount of $785 for Series 29 was recorded as gain on the sale of the Operating Partnership as of June 30, 2023.

Series 30

The series did not have any properties as of June 30, 2024 and 2023.

Series 31

The series did not have any properties as of June 30, 2024 and 2023.

Series 32

The series did not have any properties as of June 30, 2024 and 2023.

Series 33

The series did not have any properties as of June 30, 2024 and 2023.

Series 34

The series had a total of 1 property at June 30, 2024.

For the three-month periods ended June 30, 2024 and 2023, Series 34 reflects a net income from the Operating Partnerships of $51,988 and $6,881, respectively, which includes depreciation and amortization of $22,205 and $22,107, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 35

The series did not have any properties as of June 30, 2024 and 2023.

Series 36

The series did not have any properties as of June 30, 2024 and 2023.

Series 37

The series did not have any properties as of June 30, 2024 and 2023.

Series 38

The series did not have any properties as of June 30, 2024 and 2023.

Series 39

The series did not have any properties as of June 30, 2024 and 2023.

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Series 40

The series did not have any properties as of June 30, 2024 and 2023.

Series 41

The series did not have any properties as of June 30, 2024 and 2023.

Series 42

The series did not have any properties as of June 30, 2024 and 2023.

Series 43

The series did not have any properties as of June 30, 2024 and 2023.

Series 44

The series did not have any properties as of June 30, 2024 and 2023.

Series 45

The series did not have any properties as of June 30, 2024 and 2023.

Series 46

The series had a total of 1 property at June 30, 2024.

For the three-month periods ended June 30, 2024 and 2023, Series 46 reflects a net loss from Operating Partnerships of $(12,073) and $(10,848), respectively, which includes depreciation and amortization of $41,534 and $55,561, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2023, the investment general partner sold its interest in Saint Martin Apartments L.P., with cash proceeds to the investment partnership of $587,240. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on sale as of June 30, 2023.

In February 2024, the investment general partner transferred its interest in Elma Gardens of Grays Harbor L.P., with cash proceeds to the investment partnership of $5,000. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on transfer as of March 31, 2024.

Critical Accounting Estimates

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.

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Based on this guidance, management has determined that while the Operating Partnerships in which the Fund invests meet the definition of a VIE, the Operating Partnerships should not be consolidated with the Fund because the Fund does not have the power to direct the activities of the Operating Partnerships which are significant to their performance and is therefore not a primary beneficiary of the Operating Partnerships. 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 the investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying housing complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Item 3Quantitative and Qualitative Disclosures About Market Risk

Not Applicable

Item 4Controls and Procedures

(a)   Evaluation of Disclosure Controls and Procedures 

As of the end of the period covered by this report, the Fund’s general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Accounting and Financial Officer of Corporate Investment Holdings, Inc., carried out an evaluation of the effectiveness of the Fund’s “disclosure controls and procedures” as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund’s Principal Executive Officer and Principal Accounting and 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 Accounting and Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.

(b)   Changes in Internal Controls

There were no changes in the Fund’s or any series' internal control over financial reporting that occurred during the quarter ended June 30, 2024 that materially affected, or are reasonably likely to materially affect, the Fund’s or any series' internal control over financial reporting.

(c)   Certifications

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

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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, 2024.

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

During the three months ended June 30, 2024, neither the Principal Executive Officer nor the Principal Financial Officer of the Fund adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as each term is defined in Item 408 of Regulation S-K.

Item 6.Exhibits 

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

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

101. The following materials from the BF Garden Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herewith

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

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SIGNATURES

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

BF Garden Tax Credit Fund IV L.P.

By:

BF Garden Associates IV L.P., its

General Partner

By:

Corporate Investment Holdings, Inc.,

its General Partner

Date: August 9, 2024

By:

/s/ Marie Reynolds

Marie Reynolds

President (Principal Executive Officer and Principal Accounting and Financial Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:

DATE:

SIGNATURE:

    

TITLE:

 

 

 

August 9, 2024

/s/ Marie Reynolds

President (Principal Executive Officer) and Treasurer (Principal Accounting and Financial Officer),

 

Marie Reynolds

Corporate Investment Holdings, Inc.

160