EX-13 2 a08-18163_1ex13.htm EX-13

Exhibit 13

 

FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

 

BOSTON CAPITAL TAX CREDIT FUND IV L.P. -

SERIES 20 THROUGH SERIES 46

 

MARCH 31, 2008 AND 2007

 



 

Boston Capital Tax Credit Fund IV L.P. -

Series 20 through Series 46

 

TABLE OF CONTENTS

 

 

 

PAGE

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

F-2

 

 

 

FINANCIAL STATEMENTS

 

 

 

 

 

BALANCE SHEETS

 

F-4

 

 

 

STATEMENTS OF OPERATIONS

 

F-32

 

 

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

 

F-60

 

 

 

STATEMENTS OF CASH FLOWS

 

F-88

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

F-144

 

 

 

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

NOTES TO SCHEDULE III

 

 

 

Schedules not listed are omitted because of the absence of the conditions under which they are required or the information is included in the financial statements or the notes thereto.

 

F-1



 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Partners of

Boston Capital Tax Credit Fund IV L.P.

 

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund IV L.P. – Series 20 through Series 46, in total and for each series, as of March 31, 2008 and 2007, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2008.  These financial statements are the responsibility of the partnership’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.   We did not audit the financial statements of certain operating limited partnerships which investments represent $11,587,201 and $20,580,822  of the total partnership assets as of March 31, 2008 and 2007, respectively, and $(886,168) and $(2,719,885), of the total  partnership income (loss) for the years ended March 31, 2008 and 2007, respectively; of the assets for Series 20 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 20 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 21 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 21 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 22 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 22 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 23 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 23 for the years ended March 31, 2008 and 2007, $0 and $(115,932), respectively; of the assets for Series 24 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 24 for the years ended March 31, 2008 and  2007, $0 and $0, respectively; of the assets for Series 25 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 25 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 26 as of March 31, 2008 and 2007, $1,624,507 and $1,432,713, respectively, and of the income (loss) for Series 26 for the years ended March 31, 2008 and 2007, $303,767 and $(405,683), respectively; of the assets for Series 27 as of March 31, 2008 and 2007, $204,814 and $269,430, respectively, and of the income (loss) for Series 27 for the years ended March 31, 2008 and 2007, $(27,838) and $(23,260), respectively; of the assets for Series 28 as of March 31, 2008 and 2007, $0 and $402,756, respectively, and of the income (loss) for Series 28 for the years ended March 31, 2008 and 2007, $0 and $(152,359), respectively; of the assets for Series 29 as of March 31, 2008 and 2007, $0 and $1,204,005, respectively, and of the income (loss) for Series 29 for the years ended March 31, 2008 and 2007, $0 and $(260,155), respectively; of the assets for Series 30 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 30 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 31 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 31 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 32 as of March 31, 2008 and 2007, $0 and $1,030,431, respectively, and of the income (loss) for Series 32 for the years ended March 31, 2008 and 2007, $0 and $(207,592), respectively; of the assets for Series 33 as of March 31, 2008 and 2007, $380,445 and $989,273, respectively, and of the income (loss) for Series 33 for the years ended March 31, 2008 and 2007, $(51,691) and $(142,879), respectively; of the assets for Series 34 as of March 31, 2008 and 2007, $554,108 and $726,785, respectively, and of the income (loss) for Series 34 for the years ended March 31, 2008 and 2007, $(44,500) and $(80,426), respectively; of the assets for Series 35 as of March 31, 2008 and 2007, $776,704 and $1,135,340, respectively, and of the income (loss) for Series 35 for the years ended March 31, 2008 and 2007, $(112,590) and $(107,388), respectively; of the assets for Series 36 as of March 31, 2008 and 2007, $0 and $1,149,300, respectively, and of the income (loss) for Series 36 for the years ended March 31, 2008 and 2007, $0 and $(165,678), respectively; of the assets for Series 37 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 37 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 38 as of March 31, 2008 and 2007, $1,064,711 and $2,686,547, respectively, and of the income (loss) for Series 38 for the years ended March 31, 2008 and 2007, $(70,298) and $(115,177), respectively; of the assets for Series 39 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 39 for the years ended March 31, 2008 and 2007, $0 and $0, respectively; of the assets for Series 40 as of March 31, 2008 and 2007, $1,073,832 and $1,324,240, respectively, and of the income (loss) for Series 40 for the years ended March 31, 2008 and 2007, $(68,747) and $(67,138), respectively; of the assets for Series 41 as of March 31, 2008 and 2007, $2,089,634 and $2,354,578, respectively, and of the income (loss) for Series 41 for the years ended March 31, 2008 and 2007, $(264,133) and $(272,547), respectively; of the assets for Series 42 as of March 31, 2008 and 2007, $307,092 and $1,803,991, respectively, and of the income (loss) for Series 42 for the years ended March 31, 2008 and 2007, $(126,058) and  $(244,117), respectively; of the assets for Series 43 as of March 31, 2008 and 2007, $1,121,047 and $1,381,759, respectively, and of the income (loss) for Series 43 for the years ended March 31, 2008 and 2007, $(260,712) and $(228,602), respectively; of the assets for Series 44 as of March 31, 2008 and 2007, $1,167,955 and $1,365,021, respectively, and of the income (loss) for Series 44 for the years ended March 31, 2008 and 2007, $(62,005) and $(54,054), respectively; of the assets for Series 45 as of March 31, 2008 and 2007, $1,222,352 and $1,324,653, respectively, and of the (income) loss for Series 45 for years ended March 31, 2008 and 2007, $(101,363) and $(76,898), respectively; and of the assets for Series 46 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the income (loss) for Series 46 for the years ended March 31, 2008 and 2007, $0 and $0, respectively. Those statements were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to those operating limited partnerships, is based solely on the reports of the other auditors.

 

F-2



 

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership’s internal control over financial reporting.  Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits and the reports of the other auditors provide a reasonable basis for our opinion. 

 

In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund IV L.P. – Series 20 through Series 46, in total and for each series, as of March 31, 2008 and 2007, and the results of its operations and its cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2008, in conformity with accounting principles generally accepted in the United States of America.

 

 

/s/ Reznick Group, P.C.

REZNICK GROUP, P.C.

 

Bethesda, Maryland

July 14, 2008

 

F-3



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS

 

March 31, 2008 and 2007

 

 

 

Total

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

207,743,560

 

$

248,123,270

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

6,849,444

 

9,316,159

 

Notes receivable

 

892,005

 

2,192,642

 

Deferred acquisition costs, net of accumulated amortization

 

31,189,499

 

32,665,026

 

Other assets

 

1,326,274

 

2,049,750

 

 

 

 

 

 

 

 

 

$

248,000,782

 

$

294,346,847

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

71,462

 

$

59,982

 

Accounts payable - affiliates

 

40,753,556

 

35,177,388

 

Capital contributions payable

 

2,821,576

 

5,511,885

 

 

 

 

 

 

 

 

 

43,646,594

 

40,749,255

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 83,651,080 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 83,651,080 at March 31, 2008 and 2007 issued and outstanding

 

209,476,866

 

258,227,835

 

General partner

 

(5,122,678

)

(4,630,243

)

 

 

 

 

 

 

 

 

204,354,188

 

253,597,592

 

 

 

 

 

 

 

 

 

$

248,000,782

 

$

294,346,847

 

 

F-4



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 20

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

1,204,188

 

$

466,647

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

168,406

 

241,848

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

66,086

 

69,658

 

Other assets

 

22,166

 

22,066

 

 

 

 

 

 

 

 

 

$

1,460,846

 

$

800,219

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

2,857,440

 

2,644,688

 

Capital contributions payable

 

 

 

 

 

 

 

 

 

 

 

2,857,821

 

2,644,688

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,866,700 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,866,700 at March 31, 2008 and 2007 issued and outstanding

 

(1,074,754

)

(1,517,773

)

General partner

 

(322,221

)

(326,696

)

 

 

 

 

 

 

 

 

(1,396,975

)

(1,844,469

)

 

 

 

 

 

 

 

 

$

1,460,846

 

$

800,219

 

 

F-5



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 21

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

209,082

 

$

338,536

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

6,279

 

12,391

 

Notes receivable

 

236,476

 

236,476

 

Deferred acquisition costs, net of accumulated amortization

 

36,146

 

38,100

 

Other assets

 

263,232

 

280,232

 

 

 

 

 

 

 

 

 

$

751,215

 

$

905,735

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

1,765,217

 

1,528,290

 

Capital contributions payable

 

236,479

 

236,479

 

 

 

 

 

 

 

 

 

2,002,077

 

1,764,769

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 1,892,700 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,892,700 at March 31, 2008 and 2007 issued and outstanding

 

(1,076,402

)

(688,492

)

General partner

 

(174,460

)

(170,542

)

 

 

 

 

 

 

 

 

(1,250,862

)

(859,034

)

 

 

 

 

 

 

 

 

$

751,215

 

$

905,735

 

 

F-6



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 22

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

580,501

 

$

666,278

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

81,744

 

129,911

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

113,586

 

119,726

 

Other assets

 

5,437

 

5,437

 

 

 

 

 

 

 

 

 

$

781,268

 

$

921,352

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

2,808,499

 

2,533,288

 

Capital contributions payable

 

9,352

 

18,770

 

 

 

 

 

 

 

 

 

2,818,232

 

2,552,058

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,564,400 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,564,400 at March 31, 2008 and 2007 issued and outstanding

 

(1,797,512

)

(1,395,317

)

General partner

 

(239,452

)

(235,389

)

 

 

 

 

 

 

 

 

(2,036,964

)

(1,630,706

)

 

 

 

 

 

 

 

 

$

781,268

 

$

921,352

 

 

F-7



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 23

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

680,481

 

$

736,069

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

40,491

 

64,648

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

168,918

 

178,049

 

Other assets

 

6,135

 

6,135

 

 

 

 

 

 

 

 

 

$

896,025

 

$

984,901

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

2,306,057

 

2,044,822

 

Capital contributions payable

 

 

 

 

 

 

 

 

 

 

 

2,306,438

 

2,044,822

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,336,727 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,336,727 at March 31, 2008 and 2007 issued and outstanding

 

(1,111,462

)

(764,475

)

General partner

 

(298,951

)

(295,446

)

 

 

 

 

 

 

 

 

(1,410,413

)

(1,059,921

)

 

 

 

 

 

 

 

 

$

896,025

 

$

984,901

 

 

F-8



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 24

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

286,029

 

$

503,037

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

135,973

 

164,634

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

188,786

 

198,990

 

Other assets

 

 

201,640

 

 

 

 

 

 

 

 

 

$

610,788

 

$

1,068,301

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

1,059

 

$

678

 

Accounts payable - affiliates

 

2,230,156

 

2,027,420

 

Capital contributions payable

 

9,999

 

9,999

 

 

 

 

 

 

 

 

 

2,241,214

 

2,038,097

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,169,878 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,169,878 at March 31, 2008 and 2007 issued and outstanding

 

(1,428,824

)

(774,800

)

General partner

 

(201,602

)

(194,996

)

 

 

 

 

 

 

 

 

(1,630,426

)

(969,796

)

 

 

 

 

 

 

 

 

$

610,788

 

$

1,068,301

 

 

F-9



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 25

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

2,477,296

 

$

2,936,860

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

187,189

 

249,177

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

189,593

 

199,841

 

Other assets

 

40,320

 

40,320

 

 

 

 

 

 

 

 

 

$

2,894,398

 

$

3,426,198

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

1,359

 

$

978

 

Accounts payable - affiliates

 

1,986,762

 

1,814,086

 

Capital contributions payable

 

61,733

 

61,733

 

 

 

 

 

 

 

 

 

2,049,854

 

1,876,797

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,026,109 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,026,109 at March 31, 2008 and 2007 issued and outstanding

 

1,093,543

 

1,791,351

 

General partner

 

(248,999

)

(241,950

)

 

 

 

 

 

 

 

 

844,544

 

1,549,401

 

 

 

 

 

 

 

 

 

$

2,894,398

 

$

3,426,198

 

 

F-10



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 26

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

5,982,367

 

$

6,753,914

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

202,820

 

218,953

 

Notes receivable

 

129,062

 

129,062

 

Deferred acquisition costs, net of accumulated amortization

 

338,077

 

354,981

 

Other assets

 

6,509

 

28,478

 

 

 

 

 

 

 

 

 

$

6,658,835

 

$

7,485,388

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

90

 

Accounts payable - affiliates

 

3,429,840

 

3,095,080

 

Capital contributions payable

 

29,490

 

29,490

 

 

 

 

 

 

 

 

 

3,459,711

 

3,124,660

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,995,900 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,995,900 at March 31, 2008 and 2007 issued and outstanding

 

3,507,386

 

4,657,374

 

General partner

 

(308,262

)

(296,646

)

 

 

 

 

 

 

 

 

3,199,124

 

4,360,728

 

 

 

 

 

 

 

 

 

$

6,658,835

 

$

7,485,388

 

 

F-11



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 27

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

6,799,406

 

$

7,447,478

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

87,690

 

100,228

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

276,514

 

291,461

 

Other assets

 

104,014

 

104,014

 

 

 

 

 

 

 

 

 

$

7,267,624

 

$

7,943,181

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

2,642,897

 

2,309,225

 

Capital contributions payable

 

39,749

 

39,749

 

 

 

 

 

 

 

 

 

2,683,027

 

2,348,974

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,460,700 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,460,700 at March 31, 2008 and 2007 issued and outstanding

 

4,745,198

 

5,744,712

 

General partner

 

(160,601

)

(150,505

)

 

 

 

 

 

 

 

 

4,584,597

 

5,594,207

 

 

 

 

 

 

 

 

 

$

7,267,624

 

$

7,943,181

 

 

F-12



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 28

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

5,524,970

 

$

8,669,887

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

185,940

 

256,644

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

61,062

 

64,362

 

Other assets

 

2,595

 

2,595

 

 

 

 

 

 

 

 

 

$

5,774,567

 

$

8,993,488

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

477,348

 

318,232

 

Capital contributions payable

 

40,968

 

40,968

 

 

 

 

 

 

 

 

 

518,697

 

359,200

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,000,738 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,000,738 at March 31, 2008 and 2007 issued and outstanding

 

5,547,059

 

8,891,693

 

General partner

 

(291,189

)

(257,405

)

 

 

 

 

 

 

 

 

5,255,870

 

8,634,288

 

 

 

 

 

 

 

 

 

$

5,774,567

 

$

8,993,488

 

 

F-13



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 29

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

3,506,468

 

$

6,221,809

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

174,993

 

194,755

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

61,209

 

64,520

 

Other assets

 

573

 

573

 

 

 

 

 

 

 

 

 

$

3,743,243

 

$

6,481,657

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

1,897,697

 

1,559,717

 

Capital contributions payable

 

45,783

 

45,783

 

 

 

 

 

 

 

 

 

1,943,861

 

1,605,500

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,991,800 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,991,800 at March 31, 2008 and 2007 issued and outstanding

 

2,120,035

 

5,166,042

 

General partner

 

(320,653

)

(289,885

)

 

 

 

 

 

 

 

 

1,799,382

 

4,876,157

 

 

 

 

 

 

 

 

 

$

3,743,243

 

$

6,481,657

 

 

F-14



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 30

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

4,341,662

 

$

5,755,599

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

276,205

 

291,351

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

392,871

 

414,109

 

Other assets

 

6,675

 

23,174

 

 

 

 

 

 

 

 

 

$

5,017,413

 

$

6,484,233

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

21,503

 

Accounts payable - affiliates

 

865,960

 

729,791

 

Capital contributions payable

 

127,396

 

127,396

 

 

 

 

 

 

 

 

 

993,737

 

878,690

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,651,000 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,651,000 at March 31, 2008 and 2007 issued and outstanding

 

4,210,496

 

5,776,544

 

General partner

 

(186,820

)

(171,001

)

 

 

 

 

 

 

 

 

4,023,676

 

5,605,543

 

 

 

 

 

 

 

 

 

$

5,017,413

 

$

6,484,233

 

 

F-15



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 31

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

5,822,035

 

$

9,108,735

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

258,422

 

118,708

 

Notes receivable

 

 

570,454

 

Deferred acquisition costs, net of accumulated amortization

 

 

 

Other assets

 

134,137

 

134,137

 

 

 

 

 

 

 

 

 

$

6,214,594

 

$

9,932,034

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

5,357

 

$

 

Accounts payable - affiliates

 

1,304,506

 

1,069,943

 

Capital contributions payable

 

66,294

 

611,150

 

 

 

 

 

 

 

 

 

1,376,157

 

1,681,093

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,417,857 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,417,857 at March 31, 2008 and 2007 issued and outstanding

 

5,169,312

 

8,547,691

 

General partner

 

(330,875

)

(296,750

)

 

 

 

 

 

 

 

 

4,838,437

 

8,250,941

 

 

 

 

 

 

 

 

 

$

6,214,594

 

$

9,932,034

 

 

F-16



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 32

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

8,742,643

 

$

12,004,644

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

306,548

 

305,931

 

Notes receivable

 

46,908

 

46,908

 

Deferred acquisition costs, net of accumulated amortization

 

562,479

 

592,876

 

Other assets

 

133,638

 

133,638

 

 

 

 

 

 

 

 

 

$

9,792,216

 

$

13,083,997

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

1,905,278

 

1,573,738

 

Capital contributions payable

 

298,561

 

298,561

 

 

 

 

 

 

 

 

 

2,204,220

 

1,872,299

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,754,198 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,754,198 at March 31, 2008 and 2007 issued and outstanding

 

7,918,477

 

11,505,942

 

General partner

 

(330,481

)

(294,244

)

 

 

 

 

 

 

 

 

7,587,996

 

11,211,698

 

 

 

 

 

 

 

 

 

$

9,792,216

 

$

13,083,997

 

 

F-17



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 33

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

6,206,010

 

$

7,872,995

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

186,282

 

189,375

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

504,677

 

531,953

 

Other assets

 

125,000

 

125,000

 

 

 

 

 

 

 

 

 

$

7,021,969

 

$

8,719,323

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

447

 

$

 

Accounts payable - affiliates

 

1,131,261

 

939,258

 

Capital contributions payable

 

194,154

 

194,154

 

 

 

 

 

 

 

 

 

1,325,862

 

1,133,412

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,636,533 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,636,533 at March 31, 2008 and 2007 issued and outstanding

 

5,864,926

 

7,735,832

 

General partner

 

(168,819

)

(149,921

)

 

 

 

 

 

 

 

 

5,696,107

 

7,585,911

 

 

 

 

 

 

 

 

 

$

7,021,969

 

$

8,719,323

 

 

F-18



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 34

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

7,235,804

 

$

10,044,251

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

66,702

 

83,640

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

802,049

 

845,405

 

Other assets

 

 

 

 

 

 

 

 

 

 

 

$

8,104,555

 

$

10,973,296

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

2,091,915

 

1,778,557

 

Capital contributions payable

 

8,244

 

8,244

 

 

 

 

 

 

 

 

 

2,100,540

 

1,786,801

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,529,319 at March 31, 2008 and 2007 are issued and outstanding  to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,529,319 at March 31, 2008 and 2007 issued and outstanding

 

6,244,366

 

9,395,021

 

General partner

 

(240,351

)

(208,526

)

 

 

 

 

 

 

 

 

6,004,015

 

9,186,495

 

 

 

 

 

 

 

 

 

$

8,104,555

 

$

10,973,296

 

 

F-19



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 35

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

9,704,927

 

$

12,312,793

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

148,626

 

351,387

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

2,272,925

 

2,395,790

 

Other assets

 

14,109

 

14,109

 

 

 

 

 

 

 

 

 

$

12,140,587

 

$

15,074,079

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

7,198

 

$

 

Accounts payable - affiliates

 

953,622

 

750,262

 

Capital contributions payable

 

 

163,782

 

 

 

 

 

 

 

 

 

960,820

 

914,044

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,300,463 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,300,463 at March 31, 2008 and 2007 issued and outstanding

 

11,349,994

 

14,300,459

 

General partner

 

(170,227

)

(140,424

)

 

 

 

 

 

 

 

 

11,179,767

 

14,160,035

 

 

 

 

 

 

 

 

 

$

12,140,587

 

$

15,074,079

 

 

F-20



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 36

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

6,035,254

 

$

7,598,987

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

97,695

 

91,246

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

1,560,667

 

1,645,027

 

Other assets

 

3,061

 

3,061

 

 

 

 

 

 

 

 

 

$

7,696,677

 

$

9,338,321

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

1,348,538

 

1,170,048

 

Capital contributions payable

 

 

 

 

 

 

 

 

 

 

 

1,348,919

 

1,170,048

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,106,837 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,106,837 at March 31, 2008 and 2007 issued and outstanding

 

6,462,944

 

8,265,254

 

General partner

 

(115,186

)

(96,981

)

 

 

 

 

 

 

 

 

6,347,758

 

8,168,273

 

 

 

 

 

 

 

 

 

$

7,696,677

 

$

9,338,321

 

 

F-21



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 37

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

9,109,138

 

$

10,765,794

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

305,864

 

309,615

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

1,754,921

 

1,844,907

 

Other assets

 

81,235

 

81,235

 

 

 

 

 

 

 

 

 

$

11,251,158

 

$

13,001,551

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

522

 

$

 

Accounts payable - affiliates

 

1,042,963

 

863,099

 

Capital contributions payable

 

138,438

 

138,438

 

 

 

 

 

 

 

 

 

1,181,923

 

1,001,537

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,512,500 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,512,500 at March 31, 2008 and 2007 issued and outstanding

 

10,184,106

 

12,095,577

 

General partner

 

(114,871

)

(95,563

)

 

 

 

 

 

 

 

 

10,069,235

 

12,000,014

 

 

 

 

 

 

 

 

 

$

11,251,158

 

$

13,001,551

 

 

F-22



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 38

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

10,629,006

 

$

11,563,324

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

133,521

 

205,640

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

2,013,922

 

2,109,826

 

Other assets

 

4,875

 

4,875

 

 

 

 

 

 

 

 

 

$

12,781,324

 

$

13,883,665

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

1,024,623

 

910,223

 

Capital contributions payable

 

 

 

 

 

 

 

 

 

 

 

1,025,004

 

910,223

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,543,100 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,543,100 at March 31, 2008 and 2007 issued and outstanding

 

11,857,041

 

13,061,992

 

General partner

 

(100,721

)

(88,550

)

 

 

 

 

 

 

 

 

11,756,320

 

12,973,442

 

 

 

 

 

 

 

 

 

$

12,781,324

 

$

13,883,665

 

 

F-23



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 39

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

8,575,183

 

$

10,148,743

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

158,655

 

274,404

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

1,865,383

 

1,953,164

 

Other assets

 

 

 

 

 

 

 

 

 

 

 

$

10,599,221

 

$

12,376,311

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

852,099

 

815,299

 

Capital contributions payable

 

 

 

 

 

 

 

 

 

 

 

852,480

 

815,299

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,292,152 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,292,152 at March 31, 2008 and 2007 issued and outstanding

 

9,845,715

 

11,641,843

 

General partner

 

(98,974

)

(80,831

)

 

 

 

 

 

 

 

 

9,746,741

 

11,561,012

 

 

 

 

 

 

 

 

 

$

10,599,221

 

$

12,376,311

 

 

F-24



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 40

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

10,446,429

 

$

12,803,828

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

142,164

 

177,375

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

2,282,946

 

2,385,342

 

Other assets

 

9,873

 

9,873

 

 

 

 

 

 

 

 

 

$

12,881,412

 

$

15,376,418

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

37,114

 

$

36,733

 

Accounts payable - affiliates

 

1,566,350

 

1,366,333

 

Capital contributions payable

 

8,694

 

8,694

 

 

 

 

 

 

 

 

 

1,612,158

 

1,411,760

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,630,256 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,630,256 at March 31, 2008 and 2007 issued and outstanding

 

11,381,504

 

14,049,954

 

General partner

 

(112,250

)

(85,296

)

 

 

 

 

 

 

 

 

11,269,254

 

13,964,658

 

 

 

 

 

 

 

 

 

$

12,881,412

 

$

15,376,418

 

 

F-25



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 41

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

8,842,020

 

$

10,559,816

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

21,723

 

18,375

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

2,483,931

 

2,599,465

 

Other assets

 

1,217

 

1,217

 

 

 

 

 

 

 

 

 

$

11,348,891

 

$

13,178,873

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

9,584

 

$

 

Accounts payable - affiliates

 

1,941,535

 

1,648,665

 

Capital contributions payable

 

100

 

100

 

 

 

 

 

 

 

 

 

1,951,219

 

1,648,765

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,891,626 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,891,626 at March 31, 2008 and 2007 issued and outstanding

 

9,552,864

 

11,663,976

 

General partner

 

(155,192

)

(133,868

)

 

 

 

 

 

 

 

 

9,397,672

 

11,530,108

 

 

 

 

 

 

 

 

 

$

11,348,891

 

$

13,178,873

 

 

F-26



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 42

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

12,469,734

 

$

14,051,858

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

649,411

 

460,921

 

Notes receivable

 

292,933

 

614,966

 

Deferred acquisition costs, net of accumulated amortization

 

2,567,183

 

2,681,279

 

Other assets

 

66,984

 

67,969

 

 

 

 

 

 

 

 

 

$

16,046,245

 

$

17,876,993

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

995,597

 

822,501

 

Capital contributions payable

 

457,148

 

713,474

 

 

 

 

 

 

 

 

 

1,453,126

 

1,535,975

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,744,262 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,744,262 at March 31, 2008 and 2007 issued and outstanding

 

14,688,126

 

16,418,546

 

General partner

 

(95,007

)

(77,528

)

 

 

 

 

 

 

 

 

14,593,119

 

16,341,018

 

 

 

 

 

 

 

 

 

$

16,046,245

 

$

17,876,993

 

 

F-27



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 43

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

16,587,969

 

$

18,822,633

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

343,255

 

596,017

 

Notes receivable

 

186,626

 

186,626

 

Deferred acquisition costs, net of accumulated amortization

 

3,338,381

 

3,486,617

 

Other assets

 

85,289

 

95,289

 

 

 

 

 

 

 

 

 

$

20,541,520

 

$

23,187,182

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

859,030

 

692,250

 

Capital contributions payable

 

310,006

 

490,522

 

 

 

 

 

 

 

 

 

1,169,417

 

1,182,772

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,637,987 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,637,987 at March 31, 2008 and 2007 issued and outstanding

 

19,499,904

 

22,105,888

 

General partner

 

(127,801

)

(101,478

)

 

 

 

 

 

 

 

 

19,372,103

 

22,004,410

 

 

 

 

 

 

 

 

 

$

20,541,520

 

$

23,187,182

 

 

F-28



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 44

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

13,358,199

 

$

15,062,451

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

864,250

 

832,233

 

Notes receivable

 

 

108,150

 

Deferred acquisition costs, net of accumulated amortization

 

2,364,068

 

2,465,748

 

Other assets

 

197,058

 

197,058

 

 

 

 

 

 

 

 

 

$

16,783,575

 

$

18,665,640

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

381

 

$

 

Accounts payable - affiliates

 

229,402

 

59,701

 

Capital contributions payable

 

702,126

 

781,022

 

 

 

 

 

 

 

 

 

931,909

 

840,723

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,701,973 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,701,193 at March 31, 2008 and 2007 issued and outstanding

 

15,930,598

 

17,884,116

 

General partner

 

(78,932

)

(59,199

)

 

 

 

 

 

 

 

 

15,851,666

 

17,824,917

 

 

 

 

 

 

 

 

 

$

16,783,575

 

$

18,665,640

 

 

F-29



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 45

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

22,717,292

 

$

25,143,982

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

1,030,160

 

1,404,092

 

Notes receivable

 

 

300,000

 

Deferred acquisition costs, net of accumulated amortization

 

2,837,508

 

2,959,575

 

Other assets

 

12,142

 

267,625

 

 

 

 

 

 

 

 

 

$

26,597,102

 

$

30,075,274

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

678

 

$

 

Accounts payable - affiliates

 

159,301

 

67,737

 

Capital contributions payable

 

16,724

 

902,834

 

 

 

 

 

 

 

 

 

176,703

 

970,571

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,014,367 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,014,367 at March 31, 2008 and 2007 issued and outstanding

 

26,509,857

 

29,167,318

 

General partner

 

(89,458

)

(62,615

)

 

 

 

 

 

 

 

 

26,420,399

 

29,104,703

 

 

 

 

 

 

 

 

 

$

26,597,102

 

$

30,075,274

 

 

F-30



 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2008 and 2007

 

 

 

Series 46

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

$

19,669,467

 

$

19,762,322

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents

 

588,436

 

1,972,660

 

Notes receivable

 

 

 

Deferred acquisition costs, net of accumulated amortization

 

2,085,611

 

2,174,255

 

Other assets

 

 

200,000

 

 

 

 

 

 

 

 

 

$

22,343,514

 

$

24,109,237

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued expenses

 

$

1,667

 

$

 

Accounts payable - affiliates

 

79,663

 

45,135

 

Capital contributions payable

 

20,138

 

590,543

 

 

 

 

 

 

 

 

 

101,468

 

635,678

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,980,998 at March 31, 2008 and 2007 are issued and outstanding to the assignees

 

 

 

Limited Partners

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,980,998 at March 31, 2008 and 2007 issued and outstanding

 

22,282,369

 

23,501,567

 

General partner

 

(40,323

)

(28,008

)

 

 

 

 

 

 

 

 

22,242,046

 

23,473,559

 

 

 

 

 

 

 

 

 

$

22,343,514

 

$

24,109,237

 

 

F-31



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS

 

 

 

Total

 

 

 

Year ended 

March 31, 

2008

 

Year ended 

March 31,

 2007

 

Income

 

 

 

 

 

Interest income

 

$

510,870

 

$

467,512

 

Miscellaneous

 

525,971

 

120,970

 

 

 

 

 

 

 

 

 

1,036,841

 

588,482

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(18,207,857

)

(26,816,761

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

6,091,352

 

6,438,508

 

Amortization

 

1,610,248

 

1,609,264

 

General and administrative expenses

 

1,327,468

 

1,034,703

 

Professional fees

 

990,003

 

1,173,643

 

Impairment loss

 

22,053,317

 

32,181,505

 

 

 

 

 

 

 

 

 

32,072,388

 

42,437,623

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(49,243,404

)

$

(68,665,902

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(492,435

)

$

(686,658

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(48,750,969

)

$

(67,979,244

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.58

)

$

(0.81

)

 

F-32



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 20

 

 

 

Year ended 

March 31, 

2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

11,159

 

$

10,465

 

Miscellaneous

 

20,109

 

5,570

 

 

 

 

 

 

 

 

 

31,268

 

16,035

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

910,973

 

(445,579

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

252,798

 

294,700

 

Amortization

 

3,572

 

3,572

 

General and administrative expenses

 

44,530

 

50,157

 

Professional fees

 

33,202

 

52,318

 

Impairment loss

 

160,645

 

 

 

 

 

 

 

 

 

 

494,747

 

400,747

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

447,494

 

$

(830,291

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

4,475

 

$

(8,303

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

443,019

 

$

(821,988

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

0.11

 

$

(0.21

)

 

F-33



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 21

 

 

 

Year ended

 March 31, 

2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

263

 

$

637

 

Miscellaneous

 

4,297

 

5,347

 

 

 

 

 

 

 

 

 

4,560

 

5,984

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(129,454

)

(167,814

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

175,246

 

214,898

 

Amortization

 

1,954

 

1,954

 

General and administrative expenses

 

46,411

 

28,487

 

Professional fees

 

43,323

 

60,277

 

Impairment loss

 

 

 

 

 

 

 

 

 

 

 

266,934

 

305,616

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(391,828

)

$

(467,446

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(3,918

)

$

(4,674

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(387,910

)

$

(462,772

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.20

)

$

(0.24

)

 

F-34



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 22

 

 

 

Year ended

 March 31, 

2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

2,293

 

$

3,411

 

Miscellaneous

 

18,948

 

22,412

 

 

 

 

 

 

 

 

 

21,241

 

25,823

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(75,579

)

(308,460

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

232,797

 

240,422

 

Amortization

 

6,140

 

6,140

 

General and administrative expenses

 

42,375

 

36,373

 

Professional fees

 

57,765

 

52,027

 

Impairment loss

 

12,843

 

141,554

 

 

 

 

 

 

 

 

 

351,920

 

476,516

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(406,258

)

$

(759,153

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(4,063

)

$

(7,592

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(402,195

)

$

(751,561

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.16

)

$

(0.29

)

 

F-35



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 23

 

 

 

Year ended

 March 31, 

2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

1,496

 

$

1,103

 

Miscellaneous

 

14,425

 

15,035

 

 

 

 

 

 

 

 

 

15,921

 

16,138

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(41,128

)

(585,653

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

230,200

 

217,123

 

Amortization

 

9,131

 

9,131

 

General and administrative expenses

 

40,821

 

41,693

 

Professional fees

 

33,270

 

43,815

 

Impairment loss

 

11,863

 

1,309,291

 

 

 

 

 

 

 

 

 

325,285

 

1,621,053

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(350,492

)

$

(2,190,568

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(3,505

)

$

(21,906

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(346,987

)

$

(2,168,662

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.10

)

$

(0.65

)

 

F-36



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 24

 

 

 

Year ended

 March 31, 

2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

3,954

 

$

2,655

 

Miscellaneous

 

29,823

 

1,905

 

 

 

 

 

 

 

 

 

33,777

 

4,560

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(266,967

)

(641,779

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

205,898

 

210,240

 

Amortization

 

10,204

 

10,204

 

General and administrative expenses

 

177,688

 

30,698

 

Professional fees

 

33,650

 

45,935

 

Impairment loss

 

 

399,028

 

 

 

 

 

 

 

 

 

427,440

 

696,105

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(660,630

)

$

(1,333,324

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(6,606

)

$

(13,333

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(654,024

)

$

(1,319,991

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.30

)

$

(0.61

)

 

F-37



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 25

 

 

 

Year ended

 March 31, 

2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

8,210

 

$

4,132

 

Miscellaneous

 

32,499

 

1,650

 

 

 

 

 

 

 

 

 

40,709

 

5,782

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(257,714

)

(1,008,160

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

237,885

 

240,848

 

Amortization

 

15,218

 

15,218

 

General and administrative expenses

 

37,706

 

38,400

 

Professional fees

 

35,467

 

46,240

 

Impairment loss

 

161,576

 

3,259,647

 

 

 

 

 

 

 

 

 

487,852

 

3,600,353

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(704,857

)

$

(4,602,731

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(7,049

)

$

(46,027

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(697,808

)

$

(4,556,704

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.23

)

$

(1.51

)

 

F-38



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 26

 

 

 

Year ended

 March 31, 

2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

9,847

 

$

7,106

 

Miscellaneous

 

2,146

 

11,807

 

 

 

 

 

 

 

 

 

11,993

 

18,913

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

68,188

 

(1,131,044

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

374,280

 

372,150

 

Amortization

 

16,904

 

16,904

 

General and administrative expenses

 

60,693

 

47,258

 

Professional fees

 

57,816

 

74,721

 

Impairment loss

 

732,092

 

2,474,839

 

 

 

 

 

 

 

 

 

1,241,785

 

2,985,872

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(1,161,604

)

$

(4,098,003

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(11,616

)

$

(40,980

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(1,149,988

)

$

(4,057,023

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.29

)

$

(1.02

)

 

F-39



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 27

 

 

 

Year ended

 March 31, 

2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

2,716

 

$

1,528

 

Miscellaneous

 

4,337

 

1,650

 

 

 

 

 

 

 

 

 

7,053

 

3,178

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(210,302

)

(423,423

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

299,241

 

285,298

 

Amortization

 

15,655

 

15,655

 

General and administrative expenses

 

31,321

 

30,910

 

Professional fees

 

28,216

 

34,453

 

Impairment loss

 

431,928

 

1,443,337

 

 

 

 

 

 

 

 

 

806,361

 

1,809,653

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(1,009,610

)

$

(2,229,898

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(10,096

)

$

(22,299

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(999,514

)

$

(2,207,599

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.41

)

$

(0.90

)

 

F-40



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 28

 

 

 

Year ended

 March 31, 

2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

7,104

 

$

10,926

 

Miscellaneous

 

85

 

 

 

 

 

 

 

 

 

 

7,189

 

10,926

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(878,230

)

(911,687

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

264,458

 

268,661

 

Amortization

 

3,300

 

3,300

 

General and administrative expenses

 

42,151

 

41,167

 

Professional fees

 

39,798

 

54,201

 

Impairment loss

 

2,157,670

 

4,492,232

 

 

 

 

 

 

 

 

 

2,507,377

 

4,859,561

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(3,378,418

)

$

(5,760,322

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(33,784

)

$

(57,603

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(3,344,634

)

$

(5,702,719

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.84

)

$

(1.43

)

 

F-41



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 29

 

 

 

Year ended

 March 31, 

2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

 

Interest income

 

$

7,767

 

$

12,023

 

Miscellaneous

 

 

3,900

 

 

 

 

 

 

 

 

 

7,767

 

15,923

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(1,379,956

)

(1,785,739

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

264,614

 

302,643

 

Amortization

 

3,311

 

3,311

 

General and administrative expenses

 

44,644

 

43,608

 

Professional fees

 

56,632

 

43,779

 

Impairment loss

 

1,335,385

 

2,134,182

 

 

 

 

 

 

 

 

 

1,704,586

 

2,527,523

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(3,076,775

)

$

(4,297,339

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(30,768

)

$

(42,973

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(3,046,007

)

$

(4,254,366

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.76

)

$

(1.07

)

 

F-42



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 30

 

 

 

Year ended

 March 31, 

2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

7,729

 

$

9,449

 

Miscellaneous

 

37,161

 

3,150

 

 

 

 

 

 

 

 

 

44,890

 

12,599

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(307,390

)

(789,792

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

142,035

 

188,954

 

Amortization

 

21,238

 

21,238

 

General and administrative expenses

 

32,877

 

32,933

 

Professional fees

 

43,121

 

40,869

 

Impairment loss

 

1,080,096

 

1,802,959

 

 

 

 

 

 

 

 

 

1,319,367

 

2,086,953

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(1,581,867

)

$

(2,864,146

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(15,819

)

$

(28,641

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(1,566,048

)

$

(2,835,505

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.59

)

$

(1.07

)

 

F-43



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 31

 

 

 

Year ended

 March 31, 

2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

4,414

 

$

1,397

 

Miscellaneous

 

310,145

 

5,100

 

 

 

 

 

 

 

 

 

314,559

 

6,497

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(925,924

)

(1,916,891

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

260,096

 

339,066

 

Amortization

 

 

 

General and administrative expenses

 

115,746

 

41,833

 

Professional fees

 

70,522

 

48,872

 

Impairment loss

 

2,354,775

 

1,868,297

 

 

 

 

 

 

 

 

 

2,801,139

 

2,298,068

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(3,412,504

)

$

(4,208,462

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(34,125

)

$

(42,085

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(3,378,379

)

$

(4,166,377

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.76

)

$

(0.94

)

 

F-44



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 32

 

 

 

Year ended

 March 31, 

2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

12,654

 

$

5,322

 

Miscellaneous

 

5,250

 

4,200

 

 

 

 

 

 

 

 

 

17,904

 

9,522

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(1,217,933

)

(2,320,869

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

280,518

 

290,559

 

Amortization

 

36,724

 

36,724

 

General and administrative expenses

 

46,474

 

44,295

 

Professional fees

 

41,216

 

45,712

 

Impairment loss

 

2,018,741

 

3,206,031

 

 

 

 

 

 

 

 

 

2,423,673

 

3,623,321

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(3,623,702

)

$

(5,934,668

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(36,237

)

$

(59,347

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(3,587,465

)

$

(5,875,321

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.75

)

$

(1.24

)

 

F-45



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 33

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

3,062

 

$

26,684

 

Miscellaneous

 

2,400

 

2,700

 

 

 

 

 

 

 

 

 

5,462

 

29,384

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(765,568

)

(808,982

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

151,018

 

143,375

 

Amortization

 

27,276

 

27,280

 

General and administrative expenses

 

31,681

 

29,990

 

Professional fees

 

20,089

 

23,858

 

Impairment loss

 

899,634

 

1,623,633

 

 

 

 

 

 

 

 

 

1,129,698

 

1,848,136

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(1,889,804

)

$

(2,627,734

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(18,898

)

$

(26,277

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(1,870,906

)

$

(2,601,457

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.71

)

$

(0.99

)

 

F-46



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 34

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

1,266

 

$

1,904

 

Miscellaneous

 

2,700

 

3,300

 

 

 

 

 

 

 

 

 

3,966

 

5,204

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(1,614,602

)

(1,745,646

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

272,876

 

285,881

 

Amortization

 

43,938

 

43,938

 

General and administrative expenses

 

38,165

 

35,986

 

Professional fees

 

28,110

 

32,513

 

Impairment loss

 

1,188,755

 

1,719,140

 

 

 

 

 

 

 

 

 

1,571,844

 

2,117,458

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(3,182,480

)

$

(3,857,900

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(31,825

)

$

(38,579

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(3,150,655

)

$

(3,819,321

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.89

)

$

(1.08

)

 

F-47



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 35

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

2,824

 

$

4,737

 

Miscellaneous

 

3,450

 

3,600

 

 

 

 

 

 

 

 

 

6,274

 

8,337

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(839,663

)

(624,396

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

199,972

 

220,016

 

Amortization

 

129,235

 

129,235

 

General and administrative expenses

 

37,487

 

34,870

 

Professional fees

 

20,352

 

21,465

 

Impairment loss

 

1,759,833

 

1,344,664

 

 

 

 

 

 

 

 

 

2,146,879

 

1,750,250

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(2,980,268

)

$

(2,366,309

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(29,803

)

$

(23,663

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(2,950,465

)

$

(2,342,646

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.89

)

$

(0.71

)

 

F-48



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 36

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

3,295

 

$

3,102

 

Miscellaneous

 

900

 

 

 

 

 

 

 

 

 

 

4,195

 

3,102

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(504,176

)

(581,844

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

146,392

 

136,026

 

Amortization

 

88,462

 

88,462

 

General and administrative expenses

 

28,201

 

26,092

 

Professional fees

 

18,569

 

23,298

 

Impairment loss

 

1,038,910

 

1,355,286

 

 

 

 

 

 

 

 

 

1,320,534

 

1,629,164

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(1,820,515

)

$

(2,207,906

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(18,205

)

$

(22,079

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(1,802,310

)

$

(2,185,827

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.86

)

$

(1.04

)

 

F-49



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 37

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

13,848

 

$

54,300

 

Miscellaneous

 

1,350

 

2,250

 

 

 

 

 

 

 

 

 

15,198

 

56,550

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(1,201,584

)

(1,082,174

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

172,294

 

186,346

 

Amortization

 

94,821

 

94,821

 

General and administrative expenses

 

35,589

 

31,666

 

Professional fees

 

18,230

 

21,114

 

Impairment loss

 

423,459

 

118,300

 

 

 

 

 

 

 

 

 

744,393

 

452,247

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(1,930,779

)

$

(1,477,871

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(19,308

)

$

(14,779

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(1,911,471

)

$

(1,463,092

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.76

)

$

(0.58

)

 

F-50



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 38

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

5,357

 

$

4,662

 

Miscellaneous

 

2,300

 

2,700

 

 

 

 

 

 

 

 

 

7,657

 

7,362

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(496,433

)

(520,255

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

139,930

 

126,335

 

Amortization

 

98,915

 

98,911

 

General and administrative expenses

 

36,521

 

33,701

 

Professional fees

 

20,151

 

25,966

 

Impairment loss

 

432,829

 

713,167

 

 

 

 

 

 

 

 

 

728,346

 

998,080

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(1,217,122

)

$

(1,510,973

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(12,171

)

$

(15,110

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(1,204,951

)

$

(1,495,863

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.47

)

$

(0.59

)

 

F-51



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 39

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

 8,832

 

$

 5,008

 

Miscellaneous

 

2,189

 

2,250

 

 

 

 

 

 

 

 

 

11,021

 

7,258

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(647,736

)

(658,296

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

116,640

 

116,080

 

Amortization

 

90,326

 

90,326

 

General and administrative expenses

 

34,009

 

30,556

 

Professional fees

 

21,953

 

31,279

 

Impairment loss

 

914,628

 

619,347

 

 

 

 

 

 

 

 

 

1,177,556

 

887,588

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(1,814,271

)

$

(1,538,626

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(18,143

)

$

(15,386

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(1,796,128

)

$

(1,523,240

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.78

)

$

(0.66

)

 

F-52



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 40

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

2,648

 

$

6,303

 

Miscellaneous

 

1,713

 

1,200

 

 

 

 

 

 

 

 

 

4,361

 

7,503

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(822,807

)

(923,278

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

176,164

 

177,216

 

Amortization

 

113,728

 

113,731

 

General and administrative expenses

 

36,754

 

33,085

 

Professional fees

 

28,798

 

39,010

 

Impairment loss

 

1,521,514

 

898,784

 

 

 

 

 

 

 

 

 

1,876,958

 

1,261,826

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(2,695,404

)

$

(2,177,601

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(26,954

)

$

(21,776

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(2,668,450

)

$

(2,155,825

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(1.01

)

$

(0.82

)

 

F-53



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 41

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

1,048

 

$

789

 

Miscellaneous

 

3,542

 

6,844

 

 

 

 

 

 

 

 

 

4,590

 

7,633

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(920,930

)

(1,183,269

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

220,704

 

233,023

 

Amortization

 

133,927

 

133,927

 

General and administrative expenses

 

43,873

 

52,783

 

Professional fees

 

58,221

 

94,380

 

Impairment loss

 

759,371

 

599,094

 

 

 

 

 

 

 

 

 

1,216,096

 

1,113,207

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(2,132,436

)

$

(2,288,843

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(21,324

)

$

(22,888

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(2,111,112

)

$

(2,265,955

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.73

)

$

(0.78

)

 

F-54



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 42

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

149,073

 

$

20,328

 

Miscellaneous

 

2,700

 

5,100

 

 

 

 

 

 

 

 

 

151,773

 

25,428

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(1,018,646

)

(1,160,548

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

218,248

 

224,242

 

Amortization

 

117,134

 

116,526

 

General and administrative expenses

 

41,548

 

38,562

 

Professional fees

 

38,371

 

55,128

 

Impairment loss

 

465,725

 

433,210

 

 

 

 

 

 

 

 

 

881,026

 

867,668

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(1,747,899

)

$

(2,002,788

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(17,479

)

$

(20,028

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(1,730,420

)

$

(1,982,760

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.63

)

$

(0.72

)

 

F-55



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 43

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

15,744

 

$

22,487

 

Miscellaneous

 

4,350

 

4,950

 

 

 

 

 

 

 

 

 

20,094

 

27,437

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(1,356,021

)

(1,267,245

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

285,130

 

289,158

 

Amortization

 

167,349

 

167,029

 

General and administrative expenses

 

58,806

 

52,341

 

Professional fees

 

42,007

 

49,834

 

Impairment loss

 

743,088

 

87,740

 

 

 

 

 

 

 

 

 

1,296,380

 

646,102

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(2,632,307

)

$

(1,885,910

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(26,323

)

$

(18,859

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(2,605,984

)

$

(1,867,051

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.72

)

$

(0.51

)

 

F-56



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 44

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

41,796

 

$

47,665

 

Miscellaneous

 

4,516

 

4,350

 

 

 

 

 

 

 

 

 

46,312

 

52,015

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(961,972

)

(1,605,918

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

241,606

 

261,801

 

Amortization

 

113,014

 

113,014

 

General and administrative expenses

 

40,224

 

37,129

 

Professional fees

 

23,084

 

27,153

 

Impairment loss

 

639,663

 

 

 

 

 

 

 

 

 

 

1,057,591

 

439,097

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(1,973,251

)

$

(1,993,000

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(19,733

)

$

(19,930

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(1,953,518

)

$

(1,973,070

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.72

)

$

(0.73

)

 

F-57



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 45

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

110,812

 

$

86,131

 

Miscellaneous

 

6,000

 

 

 

 

 

 

 

 

 

 

116,812

 

86,131

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(1,516,720

)

(1,436,101

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

324,393

 

343,798

 

Amortization

 

144,882

 

144,882

 

General and administrative expenses

 

57,921

 

49,399

 

Professional fees

 

53,321

 

56,788

 

Impairment loss

 

703,879

 

137,743

 

 

 

 

 

 

 

 

 

1,284,396

 

732,610

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(2,684,304

)

$

(2,082,580

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(26,843

)

$

(20,826

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(2,657,461

)

$

(2,061,754

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.66

)

$

(0.51

)

 

F-58



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

 

 

Series 46

 

 

 

Year ended

 March 31,

 2008

 

Year ended 

March 31, 

2007

 

Income

 

 

 

 

 

Interest income

 

$

71,659

 

$

113,258

 

Miscellaneous

 

8,636

 

 

 

 

 

 

 

 

 

 

80,295

 

113,258

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships

 

(829,583

)

(781,919

)

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fund management fee

 

205,919

 

229,649

 

Amortization

 

103,890

 

103,831

 

General and administrative expenses

 

43,252

 

40,731

 

Professional fees

 

24,749

 

28,638

 

Impairment loss

 

104,415

 

 

 

 

 

 

 

 

 

 

482,225

 

402,849

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(1,231,513

)

$

(1,071,510

)

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

(12,315

)

$

(10,715

)

 

 

 

 

 

 

Net income (loss) allocated to limited partners

 

$

(1,219,198

)

$

(1,060,795

)

 

 

 

 

 

 

Net income (loss) per BAC

 

$

(0.41

)

$

(0.36

)

 

F-59



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

 

Years ended March 31, 2008 and 2007

 

Total

 

Limited 

partners

 

General 

partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

326,207,079

 

$

(3,943,585

)

$

322,263,494

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(67,979,244

)

(686,658

)

(68,665,902

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

258,227,835

 

$

(4,630,243

)

$

253,597,592

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(48,750,969

)

(492,435

)

(49,243,404

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

209,476,866

 

$

(5,122,678

)

$

204,354,188

 

 

F-60



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 20

 

Limited 

partners

 

General 

partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

(695,785

)

$

(318,393

)

$

(1,014,178

)

 

 

 

 

 

 

 

 

Net income (loss)

 

(821,988

)

(8,303

)

(830,291

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

(1,517,773

)

$

(326,696

)

$

(1,844,469

)

 

 

 

 

 

 

 

 

Net income (loss)

 

443,019

 

4,475

 

447,494

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

(1,074,754

)

$

(322,221

)

$

(1,396,975

)

 

F-61



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 21

 

Limited 

partners

 

General 

partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

(225,720

)

$

(165,868

)

$

(391,588

)

 

 

 

 

 

 

 

 

Net income (loss)

 

(462,772

)

(4,674

)

(467,446

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

(688,492

)

$

(170,542

)

$

(859,034

)

 

 

 

 

 

 

 

 

Net income (loss)

 

(387,910

)

(3,918

)

(391,828

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

(1,076,402

)

$

(174,460

)

$

(1,250,862

)

 

F-62



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 22

 

Limited 

partners

 

General 

partner

 

Total

 

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

(643,756

)

$

(227,797

)

$

(871,553

)

 

 

 

 

 

 

 

 

Net income (loss)

 

(751,561

)

(7,592

)

(759,153

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

(1,395,317

)

$

(235,389

)

$

(1,630,706

)

 

 

 

 

 

 

 

 

Net income (loss)

 

(402,195

)

(4,063

)

(406,258

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

(1,797,512

)

$

(239,452

)

$

(2,036,964

)

 

F-63



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 23

 

Limited 

partners

 

General 

partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

1,404,187

 

$

(273,540

)

$

1,130,647

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,168,662

)

(21,906

)

(2,190,568

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

(764,475

)

$

(295,446

)

$

(1,059,921

)

 

 

 

 

 

 

 

 

Net income (loss)

 

(346,987

)

(3,505

)

(350,492

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

(1,111,462

)

$

(298,951

)

$

(1,410,413

)

 

F-64



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 24

 

Limited 

partners

 

General 

partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

545,191

 

$

(181,663

)

$

363,528

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,319,991

)

(13,333

)

(1,333,324

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

(774,800

)

$

(194,996

)

$

(969,796

)

 

 

 

 

 

 

 

 

Net income (loss)

 

(654,024

)

(6,606

)

(660,630

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

(1,428,824

)

$

(201,602

)

$

(1,630,426

)

 

F-65



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 25

 

Limited 

partners

 

General 

partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

6,348,055

 

$

(195,923

)

$

6,152,132

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(4,556,704

)

(46,027

)

(4,602,731

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

1,791,351

 

$

(241,950

)

$

1,549,401

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(697,808

)

(7,049

)

(704,857

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

1,093,543

 

$

(248,999

)

$

844,544

 

 

F-66



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 26

 

Limited 

partners

 

General 

partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

8,714,397

 

$

(255,666

)

$

8,458,731

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(4,057,023

)

(40,980

)

(4,098,003

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

4,657,374

 

$

(296,646

)

$

4,360,728

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,149,988

)

(11,616

)

(1,161,604

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

3,507,386

 

$

(308,262

)

$

3,199,124

 

 

F-67



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 27

 

Limited 

partners

 

General 

partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

7,952,311

 

$

(128,206

)

$

7,824,105

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,207,599

)

(22,299

)

(2,229,898

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

5,744,712

 

$

(150,505

)

$

5,594,207

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(999,514

)

(10,096

)

(1,009,610

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

4,745,198

 

$

(160,601

)

$

4,584,597

 

 

F-68



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 28

 

Limited 

partners

 

General 

partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

14,594,412

 

$

(199,802

)

$

14,394,610

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(5,702,719

)

(57,603

)

(5,760,322

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

8,891,693

 

$

(257,405

)

$

8,634,288

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(3,344,634

)

(33,784

)

(3,378,418

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

5,547,059

 

$

(291,189

)

$

5,255,870

 

 

F-69



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 29

 

Limited 

partners

 

General 

partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

9,420,408

 

$

(246,912

)

$

9,173,496

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(4,254,366

)

(42,973

)

(4,297,339

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

5,166,042

 

$

(289,885

)

$

4,876,157

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(3,046,007

)

(30,768

)

(3,076,775

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

2,120,035

 

$

(320,653

)

$

1,799,382

 

 

F-70



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 30

 

Limited 

partners

 

General 

partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

8,612,049

 

$

(142,360

)

$

8,469,689

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,835,505

)

(28,641

)

(2,864,146

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

5,776,544

 

$

(171,001

)

$

5,605,543

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,566,048

)

(15,819

)

(1,581,867

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

4,210,496

 

$

(186,820

)

$

4,023,676

 

 

F-71



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 31

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

12,714,068

 

$

(254,665

)

$

12,459,403

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(4,166,377

)

(42,085

)

(4,208,462

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

8,547,691

 

$

(296,750

)

$

8,250,941

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(3,378,379

)

(34,125

)

(3,412,504

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

5,169,312

 

$

(330,875

)

$

4,838,437

 

 

F-72



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 32

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

17,381,263

 

$

(234,897

)

$

17,146,366

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(5,875,321

)

(59,347

)

(5,934,668

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

11,505,942

 

$

(294,244

)

$

11,211,698

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(3,587,465

)

(36,237

)

(3,623,702

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

7,918,477

 

$

(330,481

)

$

7,587,996

 

 

F-73



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 33

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

10,337,289

 

$

(123,644

)

$

10,213,645

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,601,457

)

(26,277

)

(2,627,734

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

7,735,832

 

$

(149,921

)

$

7,585,911

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,870,906

)

(18,898

)

(1,889,804

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

5,864,926

 

$

(168,819

)

$

5,696,107

 

 

F-74



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 34

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

13,214,342

 

$

(169,947

)

$

13,044,395

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(3,819,321

)

(38,579

)

(3,857,900

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

9,395,021

 

$

(208,526

)

$

9,186,495

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(3,150,655

)

(31,825

)

(3,182,480

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

6,244,366

 

$

(240,351

)

$

6,004,015

 

 

F-75



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 35

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

16,643,105

 

$

(116,761

)

$

16,526,344

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,342,646

)

(23,663

)

(2,366,309

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

14,300,459

 

$

(140,424

)

$

14,160,035

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,950,465

)

(29,803

)

(2,980,268

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

11,349,994

 

$

(170,227

)

$

11,179,767

 

 

F-76



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 36

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

10,451,081

 

$

(74,902

)

$

10,376,179

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,185,827

)

(22,079

)

(2,207,906

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

8,265,254

 

$

(96,981

)

$

8,168,273

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,802,310

)

(18,205

)

(1,820,515

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

6,462,944

 

$

(115,186

)

$

6,347,758

 

 

F-77



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 37

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

13,558,669

 

$

(80,784

)

$

13,477,885

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,463,092

)

(14,779

)

(1,477,871

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

12,095,577

 

$

(95,563

)

$

12,000,014

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,911,471

)

(19,308

)

(1,930,779

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

10,184,106

 

$

(114,871

)

$

10,069,235

 

 

F-78



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 38

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

14,557,855

 

$

(73,440

)

$

14,484,415

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,495,863

)

(15,110

)

(1,510,973

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

13,061,992

 

$

(88,550

)

$

12,973,442

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,204,951

)

(12,171

)

(1,217,122

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

11,857,041

 

$

(100,721

)

$

11,756,320

 

 

F-79



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 39

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

13,165,083

 

$

(65,445

)

$

13,099,638

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,523,240

)

(15,386

)

(1,538,626

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

11,641,843

 

$

(80,831

)

$

11,561,012

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,796,128

)

(18,143

)

(1,814,271

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

9,845,715

 

$

(98,974

)

$

9,746,741

 

 

F-80



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 40

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

16,205,779

 

$

(63,520

)

$

16,142,259

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,155,825

)

(21,776

)

(2,177,601

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

14,049,954

 

$

(85,296

)

$

13,964,658

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,668,450

)

(26,954

)

(2,695,404

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

11,381,504

 

$

(112,250

)

$

11,269,254

 

 

F-81



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 41

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

13,929,931

 

$

(110,980

)

$

13,818,951

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,265,955

)

(22,888

)

(2,288,843

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

11,663,976

 

$

(133,868

)

$

11,530,108

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,111,112

)

(21,324

)

(2,132,436

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

9,552,864

 

$

(155,192

)

$

9,397,672

 

 

F-82



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 42

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

18,401,306

 

$

(57,500

)

$

18,343,806

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,982,760

)

(20,028

)

(2,002,788

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

16,418,546

 

$

(77,528

)

$

16,341,018

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,730,420

)

(17,479

)

(1,747,899

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

14,688,126

 

$

(95,007

)

$

14,593,119

 

 

F-83



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 43

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

23,972,939

 

$

(82,619

)

$

23,890,320

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,867,051

)

(18,859

)

(1,885,910

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

22,105,888

 

$

(101,478

)

$

22,004,410

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,605,984

)

(26,323

)

(2,632,307

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

19,499,904

 

$

(127,801

)

$

19,372,103

 

 

F-84



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 44

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

19,857,186

 

$

(39,269

)

$

19,817,917

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,973,070

)

(19,930

)

(1,993,000

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

17,884,116

 

$

(59,199

)

$

17,824,917

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,953,518

)

(19,733

)

(1,973,251

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

15,930,598

 

$

(78,932

)

$

15,851,666

 

 

F-85



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 45

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

31,229,072

 

$

(41,789

)

$

31,187,283

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,061,754

)

(20,826

)

(2,082,580

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

29,167,318

 

$

(62,615

)

$

29,104,703

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(2,657,461

)

(26,843

)

(2,684,304

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

26,509,857

 

$

(89,458

)

$

26,420,399

 

 

F-86



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2008 and 2007

 

Series 46

 

Limited
partners

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2006

 

$

24,562,362

 

$

(17,293

)

$

24,545,069

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,060,795

)

(10,715

)

(1,071,510

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2007

 

$

23,501,567

 

$

(28,008

)

$

23,473,559

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(1,219,198

)

(12,315

)

(1,231,513

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2008

 

$

22,282,369

 

$

(40,323

)

$

22,242,046

 

 

F-87



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS

 

 

 

Total

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(49,243,404

)

$

(68,665,902

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

18,207,857

 

26,816,761

 

Impairment loss

 

22,053,317

 

32,181,505

 

Distributions received from operating limited partnerships

 

506,900

 

581,055

 

Amortization

 

1,610,248

 

1,609,264

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

404,628

 

(185,959

)

Accounts payable and accrued expenses

 

11,480

 

(1,979

)

Accounts payable - affiliates

 

5,576,168

 

4,888,494

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(872,806

)

(2,776,761

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

(49,051

)

Capital contributions paid to operating limited partnerships

 

(2,032,678

)

(2,859,883

)

(Advances to) repayments from operating limited partnerships

 

438,769

 

521,591

 

Proceeds from disposition of operating limited partnerships

 

 

86,833

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

2,556,017

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

(1,593,909

)

255,507

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(2,466,715

)

(2,521,254

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

9,316,159

 

11,837,413

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

6,849,444

 

$

9,316,159

 

 

F-88



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Total

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

860,207

 

$

331,923

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

406,082

 

$

57,627

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

1,111,756

 

$

178,848

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

12,142

 

$

454

 

 

F-89



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 20

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

447,494

 

$

(830,291

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

(910,973

)

445,579

 

Impairment loss

 

160,645

 

 

Distributions received from operating limited partnerships

 

29,799

 

40,539

 

Amortization

 

3,572

 

3,572

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

21,259

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

212,752

 

(328,600

)

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(56,330

)

(647,942

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

(17,112

)

 

Proceeds from disposition of operating limited partnerships

 

 

86,833

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

(17,112

)

86,833

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(73,442

)

(561,109

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

241,848

 

802,957

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

168,406

 

$

241,848

 

 

F-90



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 20

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-91



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 21

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(391,828

)

$

(467,446

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

129,454

 

167,814

 

Impairment loss

 

 

 

Distributions received from operating limited partnerships

 

 

926

 

Amortization

 

1,954

 

1,954

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

17,000

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

236,927

 

248,740

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(6,112

)

(48,012

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(6,112

)

(48,012

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

12,391

 

60,403

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

6,279

 

$

12,391

 

 

F-92



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 21

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-93



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 22

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(406,258

)

$

(759,153

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

75,579

 

308,460

 

Impairment loss

 

12,843

 

141,554

 

Distributions received from operating limited partnerships

 

2,600

 

9,700

 

Amortization

 

6,140

 

6,140

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

275,211

 

254,591

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(33,504

)

(38,708

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

(14,663

)

(1,500

)

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

(14,663

)

(1,500

)

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(48,167

)

(40,208

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

129,911

 

170,119

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

81,744

 

$

129,911

 

 

F-94



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 22

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

(5,245

)

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-95



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 23

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(350,492

)

$

(2,190,568

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

41,128

 

585,653

 

Impairment loss

 

11,863

 

1,309,291

 

Distributions received from operating limited partnerships

 

2,597

 

16,845

 

Amortization

 

9,131

 

9,131

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

261,235

 

249,817

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(24,157

)

(19,831

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(24,157

)

(19,831

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

64,648

 

84,479

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

40,491

 

$

64,648

 

 

F-96



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 23

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-97



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 24

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(660,630

)

$

(1,333,324

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

266,967

 

641,779

 

Impairment loss

 

 

399,028

 

Distributions received from operating limited partnerships

 

6,238

 

46,571

 

Amortization

 

10,204

 

10,204

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

145,443

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

202,736

 

227,736

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(28,661

)

(8,006

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(28,661

)

(8,006

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

164,634

 

172,640

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

135,973

 

$

164,634

 

 

F-98



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 24

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-99



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 25

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(704,857

)

$

(4,602,731

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

257,714

 

1,008,160

 

Impairment loss

 

161,576

 

3,259,647

 

Distributions received from operating limited partnerships

 

35,304

 

98,048

 

Amortization

 

15,218

 

15,218

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

172,676

 

207,676

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(61,988

)

(13,982

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(61,988

)

(13,982

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

249,177

 

263,159

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

187,189

 

$

249,177

 

 

F-100



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 25

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-101



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 26

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(1,161,604

)

$

(4,098,003

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

(68,188

)

1,131,044

 

Impairment loss

 

732,092

 

2,474,839

 

Distributions received from operating limited partnerships

 

115,536

 

74,037

 

Amortization

 

16,904

 

16,904

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

14,076

 

 

Accounts payable and accrued expenses

 

291

 

 

Accounts payable - affiliates

 

334,760

 

334,760

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(16,133

)

(66,419

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(16,133

)

(66,419

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

218,953

 

285,372

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

202,820

 

$

218,953

 

 

F-102



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 26

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-103



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 27

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(1,009,610

)

$

(2,229,898

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

210,302

 

423,423

 

Impairment loss

 

431,928

 

1,443,337

 

Distributions received from operating limited partnerships

 

5,134

 

7,495

 

Amortization

 

15,655

 

15,655

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

333,672

 

323,502

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(12,538

)

(16,486

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(12,538

)

(16,486

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

100,228

 

116,714

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

87,690

 

$

100,228

 

 

F-104



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 27

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-105



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 28

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(3,378,418

)

$

(5,760,322

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

878,230

 

911,687

 

Impairment loss

 

2,157,670

 

4,492,232

 

Distributions received from operating limited partnerships

 

109,017

 

17,477

 

Amortization

 

3,300

 

3,300

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

159,116

 

159,116

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(70,704

)

(176,510

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(70,704

)

(176,510

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

256,644

 

433,154

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

185,940

 

$

256,644

 

 

F-106



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 28

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-107



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 29

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(3,076,775

)

$

(4,297,339

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

1,379,956

 

1,785,739

 

Impairment loss

 

1,335,385

 

2,134,182

 

Distributions received from operating limited partnerships

 

 

1,200

 

Amortization

 

3,311

 

3,311

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

337,980

 

297,980

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(19,762

)

(74,927

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

134,706

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

134,706

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(19,762

)

59,779

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

194,755

 

134,976

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

174,993

 

$

194,755

 

 

F-108



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 29

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-109



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 30

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(1,581,867

)

$

(2,864,146

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

307,390

 

789,792

 

Impairment loss

 

1,080,096

 

1,802,959

 

Distributions received from operating limited partnerships

 

26,451

 

27,474

 

Amortization

 

21,238

 

21,238

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

16,499

 

(23,174

)

Accounts payable and accrued expenses

 

(21,122

)

21,503

 

Accounts payable - affiliates

 

136,169

 

103,544

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(15,146

)

(120,810

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(15,146

)

(120,810

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

291,351

 

412,161

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

276,205

 

$

291,351

 

 

F-110



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 30

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-111



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 31

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(3,412,504

)

$

(4,208,462

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

925,924

 

1,916,891

 

Impairment loss

 

2,354,775

 

1,868,297

 

Distributions received from operating limited partnerships

 

6,001

 

6,102

 

Amortization

 

 

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

5,357

 

 

Accounts payable - affiliates

 

234,563

 

407,543

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

114,116

 

(9,629

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

(100

)

 

(Advances to) repayments from operating limited partnerships

 

25,698

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

25,598

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

139,714

 

(9,629

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

118,708

 

128,337

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

258,422

 

$

118,708

 

 

F-112



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 31

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

544,756

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-113



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 32

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(3,623,702

)

$

(5,934,668

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

1,217,933

 

2,320,869

 

Impairment loss

 

2,018,741

 

3,206,031

 

Distributions received from operating limited partnerships

 

19,000

 

16,000

 

Amortization

 

36,724

 

36,724

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

331,540

 

281,540

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

617

 

(73,504

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

(7,347

)

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

(7,347

)

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

617

 

(80,851

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

305,931

 

386,782

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

306,548

 

$

305,931

 

 

F-114



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 32

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

178,848

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-115



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 33

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(1,889,804

)

$

(2,627,734

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

765,568

 

808,982

 

Impairment loss

 

899,634

 

1,623,633

 

Distributions received from operating limited partnerships

 

1,783

 

3,814

 

Amortization

 

27,276

 

27,280

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

447

 

 

Accounts payable - affiliates

 

192,003

 

123,964

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(3,093

)

(40,061

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

32,300

 

Proceeds from disposition of operating limited partnerships

 

 

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

32,300

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(3,093

)

(7,761

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

189,375

 

197,136

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

186,282

 

$

189,375

 

 

F-116



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 33

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

— 

 

$

— 

 

 

F-117


 


 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 34

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(3,182,480

)

$

(3,857,900

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

1,614,602

 

1,745,646

 

Impairment loss

 

1,188,755

 

1,719,140

 

Distributions received from operating limited partnerships

 

4,508

 

5,857

 

Amortization

 

43,938

 

43,938

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

313,358

 

301,974

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(16,938

)

(41,345

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(16,938

)

(41,345

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

83,640

 

124,985

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

66,702

 

$

83,640

 

 

F-118



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 34

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-119



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 35

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(2,980,268

)

$

(2,366,309

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

839,663

 

624,396

 

Impairment loss

 

1,759,833

 

1,344,664

 

Distributions received from operating limited partnerships

 

2,000

 

 

Amortization

 

129,235

 

129,235

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

7,198

 

 

Accounts payable - affiliates

 

203,360

 

138,360

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(38,979

)

(129,654

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

(163,782

)

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

(163,782

)

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(202,761

)

(129,654

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

351,387

 

481,041

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

148,626

 

$

351,387

 

 

F-120



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 35

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-121



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 36

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(1,820,515

)

$

(2,207,906

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

504,176

 

581,844

 

Impairment loss

 

1,038,910

 

1,355,286

 

Distributions received from operating limited partnerships

 

16,545

 

17,955

 

Amortization

 

88,462

 

88,462

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

178,490

 

176,155

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

6,449

 

11,796

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

6,449

 

11,796

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

91,246

 

79,450

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

97,695

 

$

91,246

 

 

F-122



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 36

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-123



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 37

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(1,930,779

)

$

(1,477,871

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

1,201,584

 

1,082,174

 

Impairment loss

 

423,459

 

118,300

 

Distributions received from operating limited partnerships

 

26,778

 

16,495

 

Amortization

 

94,821

 

94,821

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

522

 

 

Accounts payable - affiliates

 

179,864

 

139,864

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(3,751

)

(26,217

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

67,239

 

Proceeds from disposition of operating limited partnerships

 

 

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

67,239

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(3,751

)

41,022

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

309,615

 

268,593

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

305,864

 

$

309,615

 

 

F-124



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 37

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-125



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 38

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(1,217,122

)

$

(1,510,973

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

496,433

 

520,255

 

Impairment loss

 

432,829

 

713,167

 

Distributions received from operating limited partnerships

 

2,045

 

65,456

 

Amortization

 

98,915

 

98,911

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

114,400

 

125,350

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(72,119

)

12,166

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(72,119

)

12,166

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

205,640

 

193,474

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

133,521

 

$

205,640

 

 

F-126



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 38

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-127



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 39

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(1,814,271

)

$

(1,538,626

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

647,736

 

658,296

 

Impairment loss

 

914,628

 

619,347

 

Distributions received from operating limited partnerships

 

8,651

 

44,368

 

Amortization

 

90,326

 

90,326

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

36,800

 

32,380

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(115,749

)

(93,909

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(115,749

)

(93,909

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

274,404

 

368,313

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

158,655

 

$

274,404

 

 

F-128



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 39

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-129



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 40

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(2,695,404

)

$

(2,177,601

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

822,807

 

923,278

 

Impairment loss

 

1,521,514

 

898,784

 

Distributions received from operating limited partnerships

 

1,746

 

6,840

 

Amortization

 

113,728

 

113,731

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

24,761

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

200,017

 

171,456

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(35,211

)

(38,751

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

 

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(35,211

)

(38,751

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

177,375

 

216,126

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

142,164

 

$

177,375

 

 

F-130



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 40

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-131



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 41

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(2,132,436

)

$

(2,288,843

)

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

 

 

 

 

 

Share of (income) income from operating limited partnerships

 

920,930

 

1,183,269

 

Impairment loss

 

759,371

 

599,094

 

Distributions received from operating limited partnerships

 

19,102

 

4,923

 

Amortization

 

133,927

 

133,927

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

16,817

 

Accounts payable and accrued expenses

 

9,584

 

(16,522

)

Accounts payable - affiliates

 

292,870

 

382,178

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

3,348

 

14,843

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

(80,466

)

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

(80,466

)

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

3,348

 

(65,623

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

18,375

 

83,998

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

21,723

 

$

18,375

 

 

F-132



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 41

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-133



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 42

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(1,747,899

)

$

(2,002,788

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

1,018,646

 

1,160,548

 

Impairment loss

 

465,725

 

433,210

 

Distributions received from operating limited partnerships

 

2,641

 

3,519

 

Amortization

 

117,134

 

116,526

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

985

 

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

173,096

 

275,497

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

30,709

 

(13,488

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

(21,798

)

Capital contributions paid to operating limited partnerships

 

(164,252

)

(354,642

)

(Advances to) repayments from operating limited partnerships

 

322,033

 

(120,524

)

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

157,781

 

(496,964

)

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

188,490

 

(510,452

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

460,921

 

971,373

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

649,411

 

$

460,921

 

 

F-134



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 42

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

241,212

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

92,074

 

$

39,134

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-135



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 43

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(2,632,307

)

$

(1,885,910

)

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

 

 

 

 

 

Share of (income) income from operating limited partnerships

 

1,356,021

 

1,267,245

 

Impairment loss

 

743,088

 

87,740

 

Distributions received from operating limited partnerships

 

24,369

 

20,231

 

Amortization

 

167,349

 

167,029

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

10,000

 

166,707

 

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

166,780

 

80,798

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(164,319

)

(96,160

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

(11,738

)

Capital contributions paid to operating limited partnerships

 

(88,443

)

(136,066

)

(Advances to) repayments from operating limited partnerships

 

 

650,726

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

(88,443

)

502,922

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(252,762

)

406,762

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

596,017

 

189,255

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

343,255

 

$

596,017

 

 

F-136



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 43

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

90,711

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

92,073

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

F-137



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 44

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(1,973,251

)

$

(1,993,000

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

961,972

 

1,605,918

 

Impairment loss

 

639,663

 

 

Distributions received from operating limited partnerships

 

12,387

 

 

Amortization

 

113,014

 

113,014

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

 

(196,604

)

Accounts payable and accrued expenses

 

381

 

 

Accounts payable - affiliates

 

169,701

 

59,701

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(76,133

)

(410,971

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

 

(233,600

)

(Advances to) repayments from operating limited partnerships

 

108,150

 

(108,150

)

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

228,762

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

108,150

 

(112,988

)

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

32,017

 

(523,959

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

832,233

 

1,356,192

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

864,250

 

$

832,233

 

 

F-138



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 44

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

78,896

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

454

 

 

F-139



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 45

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(2,684,304

)

$

(2,082,580

)

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

 

 

 

 

 

Share of (income) income from operating limited partnerships

 

1,516,720

 

1,436,101

 

Impairment loss

 

703,879

 

137,743

 

Distributions received from operating limited partnerships

 

22,850

 

28,191

 

Amortization

 

144,882

 

144,882

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

625

 

(82

)

Accounts payable and accrued expenses

 

678

 

(6,960

)

Accounts payable - affiliates

 

91,564

 

67,737

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(203,106

)

(274,968

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

 

Capital contributions paid to operating limited partnerships

 

(170,826

)

(534,646

)

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

1,046,688

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

(170,826

)

512,042

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(373,932

)

237,074

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

1,404,092

 

1,167,018

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

1,030,160

 

$

1,404,092

 

 

F-140



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 45

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

148,284

 

$

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

567,000

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

12,142

 

$

 

 

F-141



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 46

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

(1,231,513

)

$

(1,071,510

)

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

 

 

 

 

 

Share of (income) losses from operating limited partnerships

 

829,583

 

781,919

 

Impairment loss

 

104,415

 

 

Distributions received from operating limited partnerships

 

3,818

 

992

 

Amortization

 

103,890

 

103,831

 

Changes in assets and liabilities

 

 

 

 

 

Other assets

 

200,000

 

(195,643

)

Accounts payable and accrued expenses

 

1,667

 

 

Accounts payable - affiliates

 

34,528

 

45,135

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

46,388

 

(335,276

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition costs (paid)/refunded for operating limited partnerships

 

 

(15,515

)

Capital contributions paid to operating limited partnerships

 

(1,430,612

)

(1,511,616

)

(Advances to) repayments from operating limited partnerships

 

 

 

Proceeds from disposition of operating limited partnerships

 

 

 

Purchase of investments (net of proceeds from sales and maturities of investments)

 

 

1,145,861

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

(1,430,612

)

(381,270

)

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(1,384,224

)

(716,546

)

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

1,972,660

 

2,689,206

 

 

 

 

 

 

 

Cash and cash equivalents, ending

 

$

588,436

 

$

1,972,660

 

 

F-142



 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

 

 

Series 46

 

 

 

Year ended
March 31, 2008

 

Year ended
March 31, 2007

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships.

 

$

860,207

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.

 

$

 

$

18,493

 

 

 

 

 

 

 

The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.

 

$

 

$

 

 

 

 

 

 

 

The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.

 

$

 

$

 

 

See notes to financial statements

 

F-143



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS

 

March 31, 2008 and 2007

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Boston Capital Tax Credit Fund IV L.P. (the partnership or fund) was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which acquire, develop, rehabilitate, operate and own newly-constructed, existing or rehabilitated apartment complexes which qualify for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986.  Accordingly, the apartment complexes are restricted as to rent charges and operating methods.  Certain of the apartment complexes may also qualify for the Historic Rehabilitation Tax Credit for their rehabilitation of certified historic structures and are subject to the provisions of the Internal Revenue Code relating to the Rehabilitation Investment Credit.  The general partner of the fund is Boston Capital Associates IV L.P. and the limited partner is BCTC IV Assignor Corp. (the assignor limited partner).

 

In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.

 

Pursuant to the Securities Act of 1933, the fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the Public Offering) of the beneficial assignee certificates (BACs) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner.  The fund has registered 101,500,000 BACs at $10 per BAC for sale to the public in one or more series.  BACs sold in bulk are offered to investors at a reduced cost per BAC.

 

F-144



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

The BACs issued and outstanding in each series at March 31, 2008 and 2007 are as follows:

 

 

 

2008

 

2007

 

 

 

 

 

 

 

Series 20

 

3,866,700

 

3,866,700

 

Series 21

 

1,892,700

 

1,892,700

 

Series 22

 

2,564,400

 

2,564,400

 

Series 23

 

3,336,727

 

3,336,727

 

Series 24

 

2,169,878

 

2,169,878

 

Series 25

 

3,026,109

 

3,026,109

 

Series 26

 

3,995,900

 

3,995,900

 

Series 27

 

2,460,700

 

2,460,700

 

Series 28

 

4,000,738

 

4,000,738

 

Series 29

 

3,991,800

 

3,991,800

 

Series 30

 

2,651,000

 

2,651,000

 

Series 31

 

4,417,857

 

4,417,857

 

Series 32

 

4,754,198

 

4,754,198

 

Series 33

 

2,636,533

 

2,636,533

 

Series 34

 

3,529,319

 

3,529,319

 

Series 35

 

3,300,463

 

3,300,463

 

Series 36

 

2,106,837

 

2,106,837

 

Series 37

 

2,512,500

 

2,512,500

 

Series 38

 

2,543,100

 

2,543,100

 

Series 39

 

2,292,152

 

2,292,152

 

Series 40

 

2,630,256

 

2,630,256

 

Series 41

 

2,891,626

 

2,891,626

 

Series 42

 

2,744,262

 

2,744,262

 

Series 43

 

3,637,987

 

3,637,987

 

Series 44

 

2,701,973

 

2,701,973

 

Series 45

 

4,014,367

 

4,014,367

 

Series 46

 

2,980,998

 

2,980,998

 

 

 

 

 

 

 

 

 

83,651,080

 

83,651,080

 

 

F-145



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Investments in Operating Limited Partnerships

 

The fund accounts for the investments in the operating limited partnerships using the equity method, whereby the fund adjusts the investment cost for its share of the operating limited partnership’s results of operations and for any distributions received or accrued.  However, the  fund recognizes  individual operating  limited  partnership’s losses only to the extent that the fund’s share of  losses of the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships.  Unrecognized losses will be suspended and offset against future individual operating limited partnership income.

 

Under Emerging Issues Task Force (EITF) 98-13, after the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the partnership’s share of losses and, accordingly, a valuation allowance is recorded against the receivables.  Accordingly, the partnership recorded a valuation allowance of $614,683 and $533,581 as of March 31, 2008 and 2007, respectively.

 

A loss in value of an investment in an operating limited partnership other than a temporary decline is recorded as an impairment loss.  Impairment is measured by comparing the investment carrying amount to the sum of the total amount of the remaining tax credits allocated to the fund and the estimated residual value of the investment.  In addition, deferred partnership fees related to each investment are  evaluated for impairment when an impairment loss has reduced an investment balance to zero.  Impairment losses have been recognized for the years ended March 31, 2008 and  2007 of  $22,053,317 and  $32,181,505, respectively

 

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters.  Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to increases or decreases in actual tax credits from those originally projected as well as for timing differences.  The fund records tax credit adjusters as an increase or decrease in investments in operating limited partnerships and capital contributions payable.

 

The operating limited partnerships maintain their financial statements based on a calendar year and the fund utilizes a March 31 year end.  The fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year end.

 

The fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount.  The operating limited partnerships record capital contributions from the fund when received.

 

F-146



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Investments in Operating Limited Partnerships (Continued)

 

Prior to January 1, 1999, the fund recorded acquisition costs as an increase in its investments in operating limited partnerships.  These costs are amortized by the operating limited partnerships over 27.5 years on the straight-line method.  Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the fund.  These differences are shown as reconciling items in note C.  As of January 1, 1999, the fund records acquisition costs incurred after January 1, 1999 as deferred acquisition costs.  These costs are amortized on the straight-line method over 27.5 years.

 

As of March 31, 2004, the partnership adopted FASB Interpretation No. 46 - Revised (“FIN46R”), “Consolidation of Variable Interest Entities.”  FIN 46R provides guidance on when a company 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. 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 absorbs the majority of the entity’s expected losses, the majority of the expected returns, or both.

 

Based on the guidance of FIN 46R, the operating limited partnerships in which the Fund invests in meet the definition of a VIE.  However, management does not consolidate the Fund’s interests in these VIEs under FIN 46R, as it is not considered to be the primary beneficiary.  The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheet, 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 limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss.  The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the local general partners and their guarantee against credit recapture.

 

F-147



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Investments in Operating Limited Partnerships (Continued)

 

During the years ended March 31, 2008 and 2007, the fund acquired interests in operating limited partnerships as follows:

 

 

 

2008

 

2007

 

 

 

 

 

 

 

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

 

 

1

 

Series 43

 

 

1

 

Series 44

 

 

 

Series 45

 

 

 

Series 46

 

1

 

 

 

 

 

 

 

 

 

 

1

 

2

 

 

Series 43 owns an equity interest in two (2) limited liability companies, which are the general partners of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.  In addition to the investments in the operating limited partnerships Series 43, Series 44, Series 45, and Series 46 own the General Partner equity interest in their respective operating limited partnerships

 

F-148



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE A -

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Organization Costs

 

Initial organization and offering expenses common to all Series, are allocated on a percentage of equity raised to each Series.

 

In accordance with SOP 98-5, effective April 1, 1999, organization costs are being expensed as incurred.  Before this date, organization costs were amortized on the straight-line method over 60 months.

 

Capitalized Expenses

 

Costs incurred with borrowing funds to make capital contributions to operating limited partnerships and certain other costs are capitalized and included in investment in operating limited partnerships.  Such costs are being amortized on the straight-line method over 27.5 years.

 

Accumulated amortization for capitalized interest as of March 31, 2008 and 2007 is as follows:

 

 

 

2008

 

2007

 

Series 20

 

$

 

$

 

Series 21

 

 

 

Series 22

 

 

 

Series 23

 

 

 

Series 24

 

 

 

Series 25

 

44,732

 

39,762

 

Series 26

 

 

 

Series 27

 

6,373

 

5,665

 

Series 28

 

 

 

Series 29

 

 

 

Series 30

 

 

 

Series 31

 

 

 

Series 32

 

56,945

 

50,618

 

Series 33

 

 

 

Series 34

 

5,237

 

4,655

 

Series 35

 

50,962

 

44,592

 

Series 36

 

32,820

 

28,718

 

Series 37

 

38,680

 

33,845

 

Series 38

 

21,077

 

18,066

 

Series 39

 

17,813

 

15,268

 

Series 40

 

67,991

 

56,659

 

Series 41

 

110,357

 

91,964

 

Series 42

 

15,189

 

12,151

 

Series 43

 

5,169

 

3,953

 

Series 44

 

1,656

 

1,266

 

Series 45

 

10,162

 

7,538

 

Series 46

 

 

 

 

 

$

485,163

 

$

414,720

 

 

The amortization for capitalized interest expense for each of the ensuing 5 years through March 31, 2013 is estimated to be $70,443 per year.

 

F-149



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Deferred Acquisition Costs

 

Deferred acquisition costs are amortized on the straight-line method over 27.5 years.

 

Accumulated amortization as of March 31, 2008 and 2007 is as follows:

 

 

 

2008

 

2007

 

Series 20

 

$

32,149

 

$

28,577

 

Series 21

 

17,585

 

15,631

 

Series 22

 

55,259

 

49,119

 

Series 23

 

77,850

 

68,719

 

Series 24

 

91,840

 

81,636

 

Series 25

 

92,234

 

81,986

 

Series 26

 

154,374

 

137,470

 

Series 27

 

134,521

 

119,574

 

Series 28

 

29,701

 

26,401

 

Series 29

 

29,661

 

26,350

 

Series 30

 

191,011

 

169,773

 

Series 31

 

 

 

Series 32

 

272,290

 

241,893

 

Series 33

 

244,593

 

217,317

 

Series 34

 

388,419

 

345,063

 

Series 35

 

1,102,072

 

979,207

 

Series 36

 

752,259

 

667,899

 

Series 37

 

716,607

 

626,621

 

Series 38

 

623,337

 

527,433

 

Series 39

 

548,618

 

460,837

 

Series 40

 

532,963

 

430,567

 

Series 41

 

692,088

 

576,554

 

Series 42

 

564,174

 

450,078

 

Series 43

 

731,350

 

583,114

 

Series 44

 

431,195

 

329,515

 

Series 45

 

497,633

 

375,566

 

Series 46

 

351,633

 

262,989

 

 

 

$

9,355,416

 

$

7,879,889

 

 

The amortization of deferred acquisition costs for each of the ensuing 5 years through March 31, 2013 is estimated to be $1,475,527 per year.

 

F-150



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Income Taxes

 

No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the general partner and assignees individually.

 

Cash and Cash Equivalents

 

Cash equivalents include overnight repurchase agreements, tax-exempt sweep accounts and money market accounts having original maturities at date of acquisition of three months or less.  The carrying value approximates fair value because of the short maturity of these instruments.

 

Fiscal Year

 

For financial reporting purposes, the fund uses a March 31 year end, whereas for income tax reporting purposes, the fund uses a calendar year.  The operating limited partnerships use a calendar year for both financial and income tax reporting.

 

F-151



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Net Loss Per Beneficial Assignee Certificate Unit

 

Net loss per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period.  The weighted average number of units in each series at March 31, 2008 and 2007 are as follows:

 

 

 

2008

 

2007

 

 

 

 

 

 

 

Series 20

 

3,866,700

 

3,866,700

 

Series 21

 

1,892,700

 

1,892,700

 

Series 22

 

2,564,400

 

2,564,400

 

Series 23

 

3,336,727

 

3,336,727

 

Series 24

 

2,169,878

 

2,169,878

 

Series 25

 

3,026,109

 

3,026,109

 

Series 26

 

3,995,900

 

3,995,900

 

Series 27

 

2,460,700

 

2,460,700

 

Series 28

 

4,000,738

 

4,000,738

 

Series 29

 

3,991,800

 

3,991,800

 

Series 30

 

2,651,000

 

2,651,000

 

Series 31

 

4,417,857

 

4,417,857

 

Series 32

 

4,754,198

 

4,754,198

 

Series 33

 

2,636,533

 

2,636,533

 

Series 34

 

3,529,319

 

3,529,319

 

Series 35

 

3,300,463

 

3,300,463

 

Series 36

 

2,106,837

 

2,106,837

 

Series 37

 

2,512,500

 

2,512,500

 

Series 38

 

2,543,100

 

2,543,100

 

Series 39

 

2,292,152

 

2,292,152

 

Series 40

 

2,630,256

 

2,630,256

 

Series 41

 

2,891,626

 

2,891,626

 

Series 42

 

2,744,262

 

2,744,262

 

Series 43

 

3,637,987

 

3,637,987

 

Series 44

 

2,701,973

 

2,701,973

 

Series 45

 

4,014,367

 

4,014,367

 

Series 46

 

2,980,998

 

2,980,998

 

 

 

 

 

 

 

 

 

83,651,080

 

83,651,080

 

 

F-152



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.

 

F-153



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE B - RELATED PARTY TRANSACTIONS

 

 

During the years ended March 31, 2008 and 2007, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Holdings Limited Partnership (BCHLP), Boston Capital Services, Inc. (BCS) and Boston Capital Asset Management Limited Partnership (BCAM) as follows:

 

 

 

Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each Series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The annual fund fees charged to operations during the years ended March 31, 2008 and 2007, are as follows:

 

 

 

2008

 

2007

 

 

 

 

 

 

 

Series 20

 

$

337,752

 

$

337,752

 

Series 21

 

180,372

 

225,840

 

Series 22

 

254,591

 

254,591

 

Series 23

 

240,264

 

240,264

 

Series 24

 

227,736

 

227,736

 

Series 25

 

272,676

 

272,676

 

Series 26

 

434,760

 

434,760

 

Series 27

 

315,204

 

315,204

 

Series 28

 

334,116

 

334,116

 

Series 29

 

337,980

 

337,980

 

Series 30

 

186,169

 

203,544

 

Series 31

 

394,666

 

397,440

 

Series 32

 

331,540

 

331,540

 

Series 33

 

173,964

 

173,964

 

Series 34

 

293,196

 

293,196

 

Series 35

 

228,360

 

228,360

 

Series 36

 

160,599

 

160,599

 

Series 37

 

204,864

 

204,864

 

Series 38

 

164,400

 

164,400

 

Series 39

 

136,800

 

136,800

 

Series 40

 

200,017

 

200,017

 

Series 41

 

246,830

 

274,440

 

Series 42

 

252,320

 

252,320

 

Series 43

 

306,780

 

306,780

 

Series 44

 

284,701

 

284,701

 

Series 45

 

366,564

 

368,543

 

Series 46

 

249,528

 

244,140

 

 

 

 

 

 

 

 

 

$

7,116,749

 

$

7,206,567

 

 

F-154



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

 

 

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the operating limited partnerships, less the amount of various asset management and reporting fees paid by the operating limited partnerships. The reporting fees paid by the operating limited partnerships for the years ended March 31, 2008 and 2007, are as follows:

 

 

 

2008

 

2007

 

Series 20

 

$

84,954

 

$

43,052

 

Series 21

 

5,126

 

10,942

 

Series 22

 

21,794

 

14,169

 

Series 23

 

10,064

 

23,141

 

Series 24

 

21,838

 

17,496

 

Series 25

 

34,791

 

31,828

 

Series 26

 

60,480

 

62,610

 

Series 27

 

15,963

 

29,906

 

Series 28

 

69,658

 

65,455

 

Series 29

 

73,366

 

35,337

 

Series 30

 

44,134

 

14,590

 

Series 31

 

134,570

 

58,374

 

Series 32

 

51,022

 

40,981

 

Series 33

 

22,946

 

30,589

 

Series 34

 

20,320

 

7,315

 

Series 35

 

28,388

 

8,344

 

Series 36

 

14,207

 

24,573

 

Series 37

 

32,570

 

18,518

 

Series 38

 

24,470

 

38,065

 

Series 39

 

20,160

 

20,720

 

Series 40

 

23,853

 

22,801

 

Series 41

 

26,126

 

41,417

 

Series 42

 

34,072

 

28,078

 

Series 43

 

21,650

 

17,622

 

Series 44

 

43,095

 

22,900

 

Series 45

 

42,171

 

24,745

 

Series 46

 

43,609

 

14,491

 

 

 

 

 

 

 

 

 

$

1,025,397

 

$

768,059

 

 

F-155



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

 

The fund management fees paid by the operating limited partnerships for the years ended March 31, 2008  and 2007, are as follows:

 

 

 

2008

 

2007

 

Series 20

 

$

125,000

 

$

325,023

 

Series 21

 

 

 

Series 22

 

 

 

Series 23

 

 

 

Series 24

 

25,000

 

 

Series 25

 

100,000

 

65,000

 

Series 26

 

100,000

 

100,000

 

Series 27

 

 

 

Series 28

 

175,000

 

175,000

 

Series 29

 

 

40,000

 

Series 30

 

50,000

 

100,000

 

Series 31

 

150,000

 

 

Series 32

 

 

50,000

 

Series 33

 

 

50,000

 

Series 34

 

 

 

Series 35

 

25,000

 

90,000

 

Series 36

 

 

 

Series 37

 

25,000

 

65,000

 

Series 38

 

50,000

 

50,000

 

Series 39

 

100,000

 

115,000

 

Series 40

 

 

40,000

 

Series 41

 

 

 

Series 42

 

100,000

 

 

Series 43

 

140,000

 

240,000

 

Series 44

 

115,000

 

225,000

 

Series 45

 

275,000

 

300,806

 

Series 46

 

215,000

 

199,005

 

 

 

 

 

 

 

 

 

$

1,770,000

 

$

2,229,834

 

 

F-156



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

 

An affiliate of the general partner of the Fund has advanced funds to pay some operating expenses of the Fund, and to make advances and/or loans to operating limited partnerships. These advances are included in accounts payable to affiliates. The total advances from the affiliate of the general partner to the operating limited partnerships for the year ended March 31, 2008 and 2007, are as follows:.

 

 

 

2008

 

2007

 

Series 20

 

$

 

$

 

Series 21

 

79,455

 

22,900

 

Series 22

 

20,620

 

 

Series 23

 

30,524

 

9,553

 

Series 24

 

 

 

Series 25

 

 

 

Series 26

 

 

 

Series 27

 

26,765

 

8,297

 

Series 28

 

 

 

Series 29

 

 

 

Series 30

 

 

 

Series 31

 

 

10,103

 

Series 32

 

 

 

Series 33

 

18,039

 

 

Series 34

 

28,940

 

8,778

 

Series 35

 

 

 

Series 36

 

94,121

 

76,230

 

Series 37

 

 

 

Series 38

 

69,191

 

69,191

 

Series 39

 

220,455

 

220,455

 

Series 40

 

297,730

 

297,730

 

Series 41

 

316,409

 

270,369

 

Series 42

 

221,615

 

200,839

 

Series 43

 

51,482

 

51,482

 

Series 44

 

 

 

Series 45

 

 

 

Series 46

 

 

 

 

 

 

 

 

 

 

 

$

1,475,346

 

$

1,245,927

 

 

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund’s interests in operating limited partnerships.

 

F-157



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

 

During the years ended March 31, 2008 and 2007, general and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and/or  Boston Capital Asset Management Limited Partnership were charged to each series’ operations as follows:

 

 

 

2008

 

2007

 

 

 

 

 

 

 

Series 20

 

$

21,639

 

$

21,112

 

Series 21

 

17,555

 

16,704

 

Series 22

 

20,620

 

20,223

 

Series 23

 

20,971

 

20,377

 

Series 24

 

20,318

 

18,625

 

Series 25

 

20,246

 

19,643

 

Series 26

 

24,403

 

24,667

 

Series 27

 

18,467

 

17,620

 

Series 28

 

22,392

 

21,249

 

Series 29

 

22,271

 

21,025

 

Series 30

 

19,574

 

18,177

 

Series 31

 

22,815

 

21,730

 

Series 32

 

22,156

 

20,755

 

Series 33

 

18,039

 

16,641

 

Series 34

 

20,162

 

18,561

 

Series 35

 

19,636

 

17,885

 

Series 36

 

17,892

 

15,556

 

Series 37

 

23,561

 

20,383

 

Series 38

 

24,049

 

21,005

 

Series 39

 

23,448

 

20,334

 

Series 40

 

24,666

 

21,800

 

Series 41

 

27,677

 

22,738

 

Series 42

 

25,816

 

23,175

 

Series 43

 

27,571

 

25,552

 

Series 44

 

24,517

 

22,403

 

Series 45

 

29,347

 

27,346

 

Series 46

 

25,538

 

23,651

 

 

 

 

 

 

 

 

 

$

605,346

 

$

558,937

 

 

Accounts payable - affiliates at March 31, 2008 and 2007 represents general and administrative expenses, fund management fees, and commissions which are payable to Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership.

 

F-158



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

At March 31, 2008 and 2007, the fund has limited partnership interests in operating limited partnerships, which own or are constructing or rehabilitating operating apartment complexes.  The number of operating limited partnerships in which the fund has limited partnership interests at March 31, 2008 and 2007 by series are as follows:

 

 

 

2008

 

2007

 

 

 

 

 

 

 

Series 20

 

22

 

22

 

Series 21

 

13

 

14

 

Series 22

 

29

 

29

 

Series 23

 

22

 

22

 

Series 24

 

24

 

24

 

Series 25

 

22

 

22

 

Series 26

 

45

 

45

 

Series 27

 

16

 

16

 

Series 28

 

26

 

26

 

Series 29

 

22

 

22

 

Series 30

 

18

 

18

 

Series 31

 

26

 

27

 

Series 32

 

17

 

17

 

Series 33

 

10

 

10

 

Series 34

 

14

 

14

 

Series 35

 

11

 

11

 

Series 36

 

11

 

11

 

Series 37

 

7

 

7

 

Series 38

 

10

 

10

 

Series 39

 

9

 

9

 

Series 40

 

16

 

16

 

Series 41

 

21

 

21

 

Series 42

 

23

 

23

 

Series 43

 

23

 

23

 

Series 44

 

10

 

10

 

Series 45

 

30

 

30

 

Series 46

 

15

 

14

 

 

 

 

 

 

 

 

 

512

 

513

 

 

F-159



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

During the year ended March 31, 2008 the Fund disposed of one operating limited partnership in Series 21 and one operating limited partnership in Series 31.   No proceeds were received from the dispositions and no gains were recorded.

 

During the year ended March 31, 2007 the Fund received proceeds of $60,390 from the partial transfer on one operating limited partnership in Series 20, and $26,443 from one operating limited partnership in Series 20 which was disposed of in the prior year.  Gain on disposition is included in Share of losses from operating limited partnerships in the Statement of Operations. A summary of the dispositions by Series for March 31, 2007 is as follows:

 

 

 

Foreclosure of
Underlying
Operating 
Partnership

 

Partnership Proceeds
from Disposition

 

Gain/(Loss) on 
Disposition

 

 

 

 

 

 

 

 

 

Series 20

 

 

$

86,833

 

$

26,443

 

Series 30

 

2

 

 

 

Series 41

 

1

 

 

 

Series 45

 

1

 

 

 

 

 

 

 

 

 

 

 

Total

 

4

 

$

86,833

 

$

26,443

 

 

F-160



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Under the terms of the fund’s investment in each operating limited partnership, the fund is required to make capital contributions to the operating limited partnerships.  These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction or operations.  At March 31, 2008 and 2007, contributions are payable to operating limited partnerships as follows:

 

 

 

2008

 

2007

 

 

 

 

 

 

 

Series 20

 

$

 

$

 

Series 21

 

236,479

 

236,479

 

Series 22

 

9,352

 

18,770

 

Series 23

 

 

 

Series 24

 

9,999

 

9,999

 

Series 25

 

61,733

 

61,733

 

Series 26

 

29,490

 

29,490

 

Series 27

 

39,749

 

39,749

 

Series 28

 

40,968

 

40,968

 

Series 29

 

45,783

 

45,783

 

Series 30

 

127,396

 

127,396

 

Series 31

 

66,294

 

611,150

 

Series 32

 

298,561

 

298,561

 

Series 33

 

194,154

 

194,154

 

Series 34

 

8,244

 

8,244

 

Series 35

 

 

163,782

 

Series 36

 

 

 

Series 37

 

138,438

 

138,438

 

Series 38

 

 

 

Series 39

 

 

 

Series 40

 

8,694

 

8,694

 

Series 41

 

100

 

100

 

Series 42

 

457,148

 

713,474

 

Series 43

 

310,006

 

490,522

 

Series 44

 

702,126

 

781,022

 

Series 45

 

16,724

 

902,834

 

Series 46

 

20,138

 

590,543

 

 

 

 

 

 

 

 

 

$

2,821,576

 

$

5,511,885

 

 

F-161



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2008 is summarized as follows:

 

 

 

Total

 

Series 20

 

Series 21

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

596,714,976

 

$

24,751,070

 

$

12,367,163

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

46,182,831

 

3,540,340

 

1,923,140

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(6,437,538

)

(3,612,833

)

(29,005

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(140,676,987

)

(3,793,041

)

(666,047

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(288,039,722

)

(19,681,348

)

(13,386,169

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

207,743,560

 

1,204,188

 

209,082

 

 

F-162



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Total

 

Series 20

 

Series 21

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).

 

(7,805,710

)

 

(236,474

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2008 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

(7,359,789

)

(444,246

)

(110,624

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

2,628,827

 

286,158

 

623,372

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(24,493,632

)

(2,633,955

)

(3,204,873

)

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

2,019,559

 

253,099

 

174,071

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

140,676,987

 

3,793,041

 

666,047

 

 

 

 

 

 

 

 

 

Other

 

(4,158,774

)

(72,753

)

(22,299

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

309,251,028

 

$

2,385,532

 

$

(1,901,698

)

 

F-163



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2008 is summarized as follows:

 

 

 

Series 22

 

Series 23

 

Series 24

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

18,295,620

 

$

23,797,395

 

$

15,476,459

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

2,504,765

 

3,504,553

 

2,030,314

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(119,670

)

(56,849

)

(135,260

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(6,111,730

)

(11,006,279

)

(5,286,247

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(13,988,484

)

(15,558,339

)

(11,799,237

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

580,501

 

680,481

 

286,029

 

 

F-164



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 22

 

Series 23

 

Series 24

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).

 

(481,359

)

(11,581

)

(30,158

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2008 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

(484,368

)

(436,119

)

(516,941

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

259,228

 

179,850

 

95,695

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(3,369,598

)

(1,781,543

)

(1,837,828

)

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

116,346

 

46,426

 

61,209

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

6,111,730

 

11,006,279

 

5,286,247

 

 

 

 

 

 

 

 

 

Other

 

(255,039

)

(68,651

)

219,000

 

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

2,477,441

 

$

9,615,142

 

$

3,563,253

 

 

F-165



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2008 is summarized as follows:

 

 

 

Series 25

 

Series 26

 

Series 27

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

21,918,186

 

$

28,884,093

 

$

16,971,183

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

2,803,677

 

3,968,917

 

2,467,629

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(228,874

)

(349,738

)

(68,613

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(9,396,676

)

(13,058,354

)

(6,264,745

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(12,619,017

)

(13,462,551

)

(6,306,048

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

2,477,296

 

5,982,367

 

6,799,406

 

 

F-166



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 25

 

Series 26

 

Series 27

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).

 

(111,404

)

(108,982

)

(316,117

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2008 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

(689,409

)

(73,142

)

(369,748

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

335,542

 

123,194

 

205,532

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(3,029,341

)

(2,032,408

)

(1,105,069

)

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

48,848

 

195,682

 

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

9,396,676

 

13,058,354

 

6,264,745

 

 

 

 

 

 

 

 

 

Other

 

(172,635

)

(201,453

)

(7,855

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

8,255,573

 

$

16,943,612

 

$

11,470,894

 

 

F-167



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2008 is summarized as follows:

 

 

 

Series 28

 

Series 29

 

Series 30

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

28,566,056

 

$

28,777,755

 

$

15,301,412

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

4,191,674

 

4,151,886

 

1,640,751

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(458,011

)

(25,213

)

(134,758

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(13,382,883

)

(8,785,514

)

(4,872,930

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(13,391,866

)

(20,612,446

)

(7,592,813

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

5,524,970

 

3,506,468

 

4,341,662

 

 

F-168



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 28

 

Series 29

 

Series 30

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).

 

(289,605

)

(213,700

)

(135,225

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2008 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

(665,053

)

(596,128

)

(235,701

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

129,668

 

265,241

 

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(54,408

)

(665,121

)

 

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

116,284

 

7,039

 

7,712

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

13,382,883

 

8,785,514

 

4,872,930

 

 

 

 

 

 

 

 

 

Other

 

(208,393

)

(57,763

)

(5,169

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

17,936,346

 

$

11,031,550

 

$

8,846,209

 

 

F-169



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2008 is summarized as follows:

 

 

 

Series 31

 

Series 32

 

Series 33

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

31,876,958

 

$

34,618,278

 

$

19,377,023

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

4,586,765

 

4,291,123

 

2,010,987

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(51,290

)

(98,227

)

(17,360

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(10,373,811

)

(12,003,111

)

(7,323,606

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(20,216,587

)

(18,065,420

)

(7,841,034

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

5,822,035

 

8,742,643

 

6,206,010

 

 

F-170



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 31

 

Series 32

 

Series 33

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).

 

(138,370

)

(1,722,955

)

(1,561,054

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2008 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

(77,600

)

(1,741,159

)

(624,017

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

125,347

 

 

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(572,568

)

(634,667

)

 

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

43,473

 

42,262

 

9,684

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

10,373,811

 

12,003,111

 

7,323,606

 

 

 

 

 

 

 

 

 

Other

 

(22,818

)

(434,031

)

(10,496

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

15,553,310

 

$

16,255,204

 

$

11,343,733

 

 

F-171



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2008 is summarized as follows:

 

 

 

Series 34

 

Series 35

 

Series 36

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

25,652,718

 

$

23,892,808

 

$

15,340,881

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

2,566,310

 

 

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(19,455

)

(11,906

)

(48,869

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(6,149,166

)

(5,089,550

)

(3,114,936

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(14,814,603

)

(9,086,425

)

(6,141,822

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

7,235,804

 

9,704,927

 

6,035,254

 

 

F-172



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 34

 

Series 35

 

Series 36

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).

 

(46,941

)

(270,100

)

(14,791

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2008 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

(295,534

)

 

 

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(4,326

)

(379,524

)

(1,393,462

)

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

6,464

 

78,017

 

3,061

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

6,149,166

 

5,089,550

 

3,114,936

 

 

 

 

 

 

 

 

 

Other

 

(133,570

)

(123,017

)

(99,389

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

12,911,063

 

$

14,099,853

 

$

7,645,609

 

 

F-173



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2008 is summarized as follows:

 

 

 

Series 37

 

Series 38

 

Series 39

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

18,518,773

 

$

18,913,889

 

$

16,752,011

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(84,910

)

(183,732

)

(68,278

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(1,834,640

)

(2,179,840

)

(1,882,991

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(7,490,085

)

(5,921,311

)

(6,225,559

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

9,109,138

 

10,629,006

 

8,575,183

 

 

F-174



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 37

 

Series 38

 

Series 39

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).

 

(155,365

)

 

 

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2008 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

303,810

 

59,461

 

279,219

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

1,834,640

 

2,179,840

 

1,882,991

 

 

 

 

 

 

 

 

 

Other

 

11,523

 

(249,931

)

(145,938

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

11,103,746

 

$

12,618,376

 

$

10,591,455

 

 

F-175



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2008 is summarized as follows:

 

 

 

Series 40

 

Series 41

 

Series 42

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

19,589,216

 

$

18,470,049

 

$

19,956,943

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(46,265

)

(391,042

)

(24,210

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(3,181,839

)

(1,623,226

)

(879,297

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(5,914,683

)

(7,613,761

)

(6,583,702

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

10,446,429

 

8,842,020

 

12,469,734

 

 

F-176



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 40

 

Series 41

 

Series 42

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).

 

(33,764

)

(33,807

)

(480,654

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2008 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

 

(352,178

)

(175,836

)

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

78,811

 

1,049

 

47,033

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

3,181,839

 

1,623,226

 

879,297

 

 

 

 

 

 

 

 

 

Other

 

(470,543

)

(650,004

)

(81,282

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

13,202,772

 

$

9,430,306

 

$

12,658,292

 

 

F-177



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2008 is summarized as follows:

 

 

 

Series 43

 

Series 44

 

Series 45

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

26,837,721

 

$

19,562,860

 

$

29,723,534

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(79,331

)

(15,674

)

(68,223

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(830,828

)

(639,663

)

(841,622

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(9,339,593

)

(5,549,324

)

(6,096,397

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

16,587,969

 

13,358,199

 

22,717,292

 

 

F-178



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 43

 

Series 44

 

Series 45

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).

 

(223,508

)

(506,725

)

(292,192

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2008 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(532,614

)

(653,715

)

(80,598

)

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

 

454

 

35,451

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

830,828

 

639,663

 

841,622

 

 

 

 

 

 

 

 

 

Other

 

(319,296

)

(145,238

)

(257,204

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

16,343,379

 

$

12,692,638

 

$

22,964,371

 

 

F-179



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2008 is summarized as follows:

 

 

 

Series 46

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

22,524,922

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(9,942

)

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(104,415

)

 

 

 

 

Cumulative losses from operating limited partnerships

 

(2,741,098

)

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

19,669,467

 

 

F-180



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 46

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A).

 

(390,879

)

 

 

 

 

The fund has recorded acquisition costs at March 31, 2008 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

4,594

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

104,415

 

 

 

 

 

Other

 

(174,530

)

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

19,213,067

 

 

F-181



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2007 is summarized as follows:

 

 

 

Total

 

Series 20

 

Series 21

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

596,407,714

 

$

24,751,070

 

$

12,367,163

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

46,182,831

 

3,540,340

 

1,923,140

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(5,930,638

)

(3,583,034

)

(29,005

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(119,419,547

)

(3,632,396

)

(666,047

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(269,117,090

)

(20,609,333

)

(13,256,715

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

248,123,270

 

466,647

 

338,536

 

 

F-182



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Total

 

Series 20

 

Series 21

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).

 

(8,796,109

)

 

(336,415

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

(7,359,789

)

(444,246

)

(110,624

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

2,656,921

 

286,158

 

651,466

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(25,060,845

)

(1,840,414

)

(11,469,456

)

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

2,040,678

 

253,099

 

174,071

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

119,419,547

 

3,632,396

 

666,047

 

 

 

 

 

 

 

 

 

Other

 

(4,679,655

)

50,574

 

(15,363

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

326,344,018

 

$

2,404,214

 

$

(10,101,738

)

 

F-183



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2007 is summarized as follows:

 

 

 

Series 22

 

Series 23

 

Series 24

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

18,290,375

 

$

23,797,395

 

$

15,476,459

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

2,504,765

 

3,504,553

 

2,030,314

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(117,070

)

(54,252

)

(129,022

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(6,093,987

)

(10,980,356

)

(5,679,147

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(13,917,805

)

(15,531,271

)

(11,195,567

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

666,278

 

736,069

 

503,037

 

 

F-184



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 22

 

Series 23

 

Series 24

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).

 

(481,359

)

(11,581

)

(30,158

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

(484,368

)

(436,119

)

(516,941

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

259,228

 

179,850

 

95,695

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(2,247,844

)

(643,361

)

(1,113,789

)

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

116,346

 

46,426

 

61,209

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

6,093,987

 

10,980,356

 

5,679,147

 

 

 

 

 

 

 

 

 

Other

 

(230,995

)

(60,733

)

267,290

 

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

3,691,273

 

$

10,790,907

 

$

4,945,490

 

 

F-185



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2007 is summarized as follows:

 

 

 

Series 25

 

Series 26

 

Series 27

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

21,923,156

 

$

28,884,093

 

$

16,971,891

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

2,803,677

 

3,968,917

 

2,467,629

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(193,570

)

(234,202

)

(63,479

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(9,235,100

)

(12,099,375

)

(5,178,455

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(12,361,303

)

(13,765,519

)

(6,750,108

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

2,936,860

 

6,753,914

 

7,447,478

 

 

F-186



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 25

 

Series 26

 

Series 27

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).

 

(111,404

)

(108,982

)

(316,117

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

(689,409

)

(73,142

)

(369,748

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

335,542

 

123,194

 

205,532

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(2,058,927

)

(1,357,174

)

(1,144,901

)

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

48,848

 

195,682

 

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

9,235,100

 

12,099,375

 

5,178,455

 

 

 

 

 

 

 

 

 

Other

 

(117,742

)

(158,703

)

(6,549

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

9,578,868

 

$

17,474,164

 

$

10,994,150

 

 

F-187



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2007 is summarized as follows:

 

 

 

Series 28

 

Series 29

 

Series 30

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

28,566,056

 

$

28,777,755

 

$

15,301,412

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

4,191,674

 

4,151,886

 

1,640,751

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(348,994

)

(25,213

)

(108,307

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(11,225,213

)

(7,450,129

)

(3,792,834

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(12,513,636

)

(19,232,490

)

(7,285,423

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

8,669,887

 

6,221,809

 

5,755,599

 

 

F-188



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 28

 

Series 29

 

Series 30

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).

 

(289,605

)

(213,700

)

(135,225

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

(665,053

)

(596,128

)

(235,701

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

129,668

 

265,241

 

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(35,156

)

(351,867

)

 

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

116,284

 

7,039

 

7,712

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

11,225,213

 

7,450,129

 

3,792,834

 

 

 

 

 

 

 

 

 

Other

 

(199,128

)

(57,745

)

(4,006

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

18,952,110

 

$

12,724,778

 

$

9,181,213

 

 

F-189



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2007 is summarized as follows:

 

 

 

Series 31

 

Series 32

 

Series 33

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

31,876,958

 

$

34,624,605

 

$

19,377,023

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

4,586,765

 

4,291,123

 

2,010,987

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(45,289

)

(79,227

)

(15,577

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(8,613,982

)

(10,672,972

)

(6,423,972

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(18,695,717

)

(16,158,885

)

(7,075,466

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

9,108,735

 

12,004,644

 

7,872,995

 

 

F-190



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 31

 

Series 32

 

Series 33

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).

 

(138,370

)

(1,722,955

)

(1,561,054

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

(77,600

)

(1,741,159

)

(624,017

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

125,347

 

 

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(430,417

)

(577,133

)

 

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

80,765

 

42,262

 

9,684

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

8,613,982

 

10,672,972

 

6,423,972

 

 

 

 

 

 

 

 

 

Other

 

(24,736

)

(1,021,758

)

(10,497

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

17,257,706

 

$

17,656,873

 

$

12,111,083

 

 

F-191



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2007 is summarized as follows:

 

 

 

Series 34

 

Series 35

 

Series 36

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

25,653,300

 

$

23,899,178

 

$

15,344,983

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

2,566,310

 

 

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(14,947

)

(9,906

)

(32,324

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(4,960,411

)

(3,329,717

)

(2,076,026

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(13,200,001

)

(8,246,762

)

(5,637,646

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

10,044,251

 

12,312,793

 

7,598,987

 

 

F-192



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 34

 

Series 35

 

Series 36

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).

 

(46,941

)

(270,100

)

(14,791

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

(295,534

)

 

 

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

 

(134,193

)

(983,084

)

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

6,464

 

78,017

 

3,061

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

4,960,411

 

3,329,717

 

2,076,026

 

 

 

 

 

 

 

 

 

Other

 

(132,802

)

(127,600

)

(101,803

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

14,535,849

 

$

15,188,634

 

$

8,578,396

 

 

F-193



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2007 is summarized as follows:

 

 

 

Series 37

 

Series 38

 

Series 39

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

18,523,608

 

$

18,916,900

 

$

16,754,556

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(58,132

)

(181,687

)

(59,627

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(1,411,181

)

(1,747,011

)

(968,363

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(6,288,501

)

(5,424,878

)

(5,577,823

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

10,765,794

 

11,563,324

 

10,148,743

 

 

F-194



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 37

 

Series 38

 

Series 39

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).

 

(155,365

)

 

 

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

303,810

 

59,461

 

279,219

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

1,411,181

 

1,747,011

 

968,363

 

 

 

 

 

 

 

 

 

Other

 

23,360

 

(248,817

)

(114,299

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

12,348,780

 

$

13,120,979

 

$

11,282,026

 

 

F-195



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2007 is summarized as follows:

 

 

 

Series 40

 

Series 41

 

Series 42

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

19,600,548

 

$

18,488,442

 

$

20,052,055

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(44,519

)

(371,940

)

(21,569

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(1,660,325

)

(863,855

)

(433,210

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(5,091,876

)

(6,692,831

)

(5,545,418

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

12,803,828

 

10,559,816

 

14,051,858

 

 

F-196



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 40

 

Series 41

 

Series 42

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).

 

(33,764

)

(33,807

)

(732,949

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

 

(79,682

)

(56,627

)

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

78,811

 

1,049

 

43,002

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

1,660,325

 

863,855

 

433,210

 

 

 

 

 

 

 

 

 

Other

 

(521,116

)

(681,047

)

(93,259

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

13,988,084

 

$

10,630,184

 

$

13,645,235

 

 

F-197



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2007 is summarized as follows:

 

 

 

Series 43

 

Series 44

 

Series 45

 

 

 

 

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

26,948,907

 

$

19,653,090

 

$

29,906,775

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(54,962

)

(3,287

)

(45,373

)

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

(87,740

)

 

(137,743

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(7,983,572

)

(4,587,352

)

(4,579,677

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

18,822,633

 

15,062,451

 

25,143,982

 

 

F-198



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 43

 

Series 44

 

Series 45

 

 

 

 

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).

 

(404,024

)

(585,622

)

(464,558

)

 

 

 

 

 

 

 

 

The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

 

 

 

 

 

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(215,258

)

(265,828

)

(55,734

)

 

 

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

 

454

 

23,309

 

 

 

 

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

87,740

 

 

137,743

 

 

 

 

 

 

 

 

 

Other

 

(456,258

)

(166,694

)

(282,321

)

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

17,834,833

 

$

14,044,761

 

$

24,502,421

 

 

F-199



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2007 is summarized as follows:

 

 

 

Series 46

 

 

 

 

 

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters

 

$

21,679,961

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(6,124

)

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(1,911,515

)

 

 

 

 

Investments in operating limited partnerships per balance sheet

 

19,762,322

 

 

F-200



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

 

 

Series 46

 

 

 

 

 

The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A).

 

(597,263

)

 

 

 

 

The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A).

 

 

 

 

 

 

Cumulative losses from operating limited partnerships for the three months ended March 31, 1995 which the operating limited partnerships have not included in their capital as of December 31, 1994 due to different year ends (see note A).

 

 

 

 

 

 

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

 

 

 

 

 

The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

4,594

 

 

 

 

 

Cumulative impairment loss in investments in operating limited partnerships

 

 

 

 

 

 

Other

 

(186,908

)

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

18,982,745

 

 

F-201



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 

 

 

Total

 

Series 20

 

Series 21

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

1,483,246,309

 

$

53,125,242

 

$

22,046,179

 

Construction in progress

 

4,332,331

 

 

 

Land

 

126,475,922

 

6,112,210

 

2,839,206

 

Other assets

 

147,533,518

 

7,957,801

 

2,041,583

 

 

 

 

 

 

 

 

 

 

 

$

1,761,588,080

 

$

67,195,253

 

$

26,926,968

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

1,134,068,504

 

$

60,150,619

 

$

21,393,287

 

Accounts payable and accrued expenses

 

48,971,618

 

3,248,478

 

1,614,814

 

Other liabilities

 

169,674,811

 

3,408,331

 

5,194,163

 

 

 

 

 

 

 

 

 

 

 

1,352,714,933

 

66,807,428

 

28,202,264

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

309,251,028

 

2,385,532

 

(1,901,698

)

Other partners

 

99,622,119

 

(1,997,707

)

626,402

 

 

 

 

 

 

 

 

 

 

 

408,873,147

 

387,825

 

(1,275,296

)

 

 

 

 

 

 

 

 

 

 

$

1,761,588,080

 

$

67,195,253

 

$

26,926,968

 

 

F-202



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 22

 

Series 23

 

Series 24

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

54,871,689

 

$

53,114,773

 

$

45,022,825

 

Construction in progress

 

 

 

 

Land

 

4,242,201

 

3,957,131

 

3,886,295

 

Other assets

 

5,654,946

 

4,994,198

 

5,176,503

 

 

 

 

 

 

 

 

 

 

 

$

64,768,836

 

$

62,066,102

 

$

54,085,623

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

50,203,419

 

$

39,618,124

 

$

41,382,880

 

Accounts payable and accrued expenses

 

3,829,551

 

6,480,031

 

1,662,329

 

Other liabilities

 

7,342,823

 

6,783,186

 

4,120,239

 

 

 

 

 

 

 

 

 

 

 

61,375,793

 

52,881,341

 

47,165,448

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

2,477,441

 

9,615,142

 

3,563,253

 

Other partners

 

915,602

 

(430,381

)

3,356,922

 

 

 

 

 

 

 

 

 

 

 

3,393,043

 

9,184,761

 

6,920,175

 

 

 

 

 

 

 

 

 

 

 

$

64,768,836

 

$

62,066,102

 

$

54,085,623

 

 

F-203



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 25

 

Series 26

 

Series 27

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

50,023,413

 

$

66,538,962

 

$

57,660,490

 

Construction in progress

 

 

 

 

Land

 

3,701,408

 

5,310,128

 

6,005,394

 

Other assets

 

8,384,273

 

11,325,191

 

7,459,920

 

 

 

 

 

 

 

 

 

 

 

$

62,109,094

 

$

83,174,281

 

$

71,125,804

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

41,010,846

 

$

54,538,729

 

$

45,871,147

 

Accounts payable and accrued expenses

 

2,767,854

 

3,104,909

 

1,349,683

 

Other liabilities

 

5,513,194

 

5,371,782

 

8,228,802

 

 

 

 

 

 

 

 

 

 

 

49,291,894

 

63,015,420

 

55,449,632

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

8,255,573

 

16,943,612

 

11,470,894

 

Other partners

 

4,561,627

 

3,215,249

 

4,205,278

 

 

 

 

 

 

 

 

 

 

 

12,817,200

 

20,158,861

 

15,676,172

 

 

 

 

 

 

 

 

 

 

 

$

62,109,094

 

$

83,174,281

 

$

71,125,804

 

 

F-204



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 28

 

Series 29

 

Series 30

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

57,351,378

 

$

46,082,758

 

$

36,597,646

 

Construction in progress

 

 

4,332,331

 

 

Land

 

5,523,586

 

2,841,806

 

2,406,880

 

Other assets

 

6,118,853

 

4,837,325

 

3,970,551

 

 

 

 

 

 

 

 

 

 

 

$

68,993,817

 

$

58,094,220

 

$

42,975,077

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

41,637,427

 

$

37,889,602

 

$

25,379,523

 

Accounts payable and accrued expenses

 

1,867,852

 

1,919,533

 

1,146,904

 

Other liabilities

 

3,175,368

 

6,495,322

 

4,757,765

 

 

 

 

 

 

 

 

 

 

 

46,680,647

 

46,304,457

 

31,284,192

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

17,936,346

 

11,031,550

 

8,846,209

 

Other partners

 

4,376,824

 

758,213

 

2,844,676

 

 

 

 

 

 

 

 

 

 

 

22,313,170

 

11,789,763

 

11,690,885

 

 

 

 

 

 

 

 

 

 

 

$

68,993,817

 

$

58,094,220

 

$

42,975,077

 

 

F-205



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 31

 

Series 32

 

Series 33

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

57,061,600

 

$

61,533,763

 

$

51,607,014

 

Construction in progress

 

 

 

 

Land

 

4,236,078

 

4,333,042

 

5,245,180

 

Other assets

 

8,183,969

 

5,852,006

 

4,192,368

 

 

 

 

 

 

 

 

 

 

 

$

69,481,647

 

$

71,718,811

 

$

61,044,562

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

47,975,424

 

$

40,690,652

 

$

34,152,110

 

Accounts payable and accrued expenses

 

1,027,994

 

2,011,294

 

1,015,510

 

Other liabilities

 

5,488,762

 

6,108,726

 

3,823,312

 

 

 

 

 

 

 

 

 

 

 

54,492,180

 

48,810,672

 

38,990,932

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

15,553,310

 

16,255,204

 

11,343,733

 

Other partners

 

(563,843

)

6,652,935

 

10,709,897

 

 

 

 

 

 

 

 

 

 

 

14,989,467

 

22,908,139

 

22,053,630

 

 

 

 

 

 

 

 

 

 

 

$

69,481,647

 

$

71,718,811

 

$

61,044,562

 

 

F-206



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 34

 

Series 35

 

Series 36

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

55,951,797

 

$

47,235,066

 

$

42,528,111

 

Construction in progress

 

 

 

 

Land

 

5,358,490

 

3,734,936

 

2,791,180

 

Other assets

 

4,934,796

 

4,142,697

 

3,844,201

 

 

 

 

 

 

 

 

 

 

 

$

66,245,083

 

$

55,112,699

 

$

49,163,492

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

44,470,883

 

$

25,250,214

 

$

34,629,657

 

Accounts payable and accrued expenses

 

1,994,714

 

1,232,455

 

1,449,667

 

Other liabilities

 

5,827,710

 

8,289,776

 

3,206,346

 

 

 

 

 

 

 

 

 

 

 

52,293,307

 

34,772,445

 

39,285,670

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

12,911,063

 

14,099,853

 

7,645,609

 

Other partners

 

1,040,713

 

6,240,401

 

2,232,213

 

 

 

 

 

 

 

 

 

 

 

13,951,776

 

20,340,254

 

9,877,822

 

 

 

 

 

 

 

 

 

 

 

$

66,245,083

 

$

55,112,699

 

$

49,163,492

 

 

F-207



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 37

 

Series 38

 

Series 39

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

42,333,500

 

$

32,946,566

 

$

28,040,940

 

Construction in progress

 

 

 

 

Land

 

2,432,620

 

2,144,257

 

1,801,039

 

Other assets

 

3,754,700

 

2,230,964

 

1,888,787

 

 

 

 

 

 

 

 

 

 

 

$

48,520,820

 

$

37,321,787

 

$

31,730,766

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

29,720,288

 

$

17,520,092

 

$

13,645,591

 

Accounts payable and accrued expenses

 

1,513,367

 

536,019

 

474,499

 

Other liabilities

 

3,296,178

 

1,455,525

 

1,638,837

 

 

 

 

 

 

 

 

 

 

 

34,529,833

 

19,511,636

 

15,758,927

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

11,103,746

 

12,618,376

 

10,591,455

 

Other partners

 

2,887,241

 

5,191,775

 

5,380,384

 

 

 

 

 

 

 

 

 

 

 

13,990,987

 

17,810,151

 

15,971,839

 

 

 

 

 

 

 

 

 

 

 

$

48,520,820

 

$

37,321,787

 

$

31,730,766

 

 

F-208



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 40

 

Series 41

 

Series 42

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

66,402,167

 

$

96,919,284

 

$

75,810,331

 

Construction in progress

 

 

 

 

Land

 

5,081,041

 

11,358,983

 

7,415,024

 

Other assets

 

4,205,776

 

8,401,392

 

6,945,151

 

 

 

 

 

 

 

 

 

 

 

$

75,688,984

 

$

116,679,659

 

$

90,170,506

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

48,393,434

 

$

86,941,215

 

$

53,829,101

 

Accounts payable and accrued expenses

 

914,569

 

1,502,205

 

2,086,582

 

Other liabilities

 

8,603,990

 

14,425,897

 

15,488,257

 

 

 

 

 

 

 

 

 

 

 

57,911,993

 

102,869,317

 

71,403,940

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

13,202,772

 

9,430,306

 

12,658,292

 

Other partners

 

4,574,219

 

4,380,036

 

6,108,274

 

 

 

 

 

 

 

 

 

 

 

17,776,991

 

13,810,342

 

18,766,566

 

 

 

 

 

 

 

 

 

 

 

$

75,688,984

 

$

116,679,659

 

$

90,170,506

 

 

F-209



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 43

 

Series 44

 

Series 45

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

74,827,475

 

$

71,822,374

 

$

87,236,000

 

Construction in progress

 

 

 

 

Land

 

6,704,151

 

7,662,597

 

6,939,644

 

Other assets

 

5,442,801

 

5,476,097

 

6,743,271

 

 

 

 

 

 

 

 

 

 

 

$

86,974,427

 

$

84,961,068

 

$

100,918,915

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

51,110,501

 

$

58,074,844

 

$

61,666,771

 

Accounts payable and accrued expenses

 

1,560,949

 

1,111,137

 

1,049,038

 

Other liabilities

 

12,808,760

 

8,632,667

 

6,609,727

 

 

 

 

 

 

 

 

 

 

 

65,480,210

 

67,818,648

 

69,325,536

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

16,343,379

 

12,692,638

 

22,964,371

 

Other partners

 

5,150,838

 

4,449,782

 

8,629,008

 

 

 

 

 

 

 

 

 

 

 

21,494,217

 

17,142,420

 

31,593,379

 

 

 

 

 

 

 

 

 

 

 

$

86,974,427

 

$

84,961,068

 

$

100,918,915

 

 

F-210



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 46

 

ASSETS

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

48,554,966

 

Construction in progress

 

 

Land

 

2,411,415

 

Other assets

 

3,373,398

 

 

 

 

 

 

 

$

54,339,779

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

26,922,124

 

Accounts payable and accrued expenses

 

499,681

 

Other liabilities

 

3,579,366

 

 

 

 

 

 

 

31,001,171

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

19,213,067

 

Other partners

 

4,125,541

 

 

 

 

 

 

 

23,338,608

 

 

 

 

 

 

 

$

54,339,779

 

 

F-211



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 

 

 

Total

 

Series 20

 

Series 21

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

1,541,297,322

 

$

54,775,471

 

$

22,344,476

 

Construction in progress

 

2,584,265

 

 

 

Land

 

126,949,029

 

6,112,210

 

2,839,206

 

Other assets

 

155,250,965

 

8,584,111

 

2,503,705

 

 

 

 

 

 

 

 

 

 

 

$

1,826,081,581

 

$

69,471,792

 

$

27,687,387

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

1,160,835,466

 

$

60,927,523

 

$

26,952,288

 

Accounts payable and accrued expenses

 

52,011,525

 

2,892,671

 

4,238,688

 

Other liabilities

 

169,036,479

 

4,264,249

 

6,440,489

 

 

 

 

 

 

 

 

 

 

 

1,381,883,470

 

68,084,443

 

37,631,465

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

326,344,018

 

2,404,214

 

(10,101,738

)

Other partners

 

117,854,093

 

(1,016,865

)

157,660

 

 

 

 

 

 

 

 

 

 

 

444,198,111

 

1,387,349

 

(9,944,078

)

 

 

 

 

 

 

 

 

 

 

$

1,826,081,581

 

$

69,471,792

 

$

27,687,387

 

 

F-212



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 22

 

Series 23

 

Series 24

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

57,459,451

 

$

55,298,676

 

$

47,278,937

 

Construction in progress

 

 

 

 

Land

 

4,242,201

 

3,957,131

 

3,941,855

 

Other assets

 

5,601,328

 

4,839,730

 

8,919,524

 

 

 

 

 

 

 

 

 

 

 

$

67,302,980

 

$

64,095,537

 

$

60,140,316

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

50,848,416

 

$

40,340,824

 

$

43,724,105

 

Accounts payable and accrued expenses

 

4,996,821

 

5,976,190

 

2,675,302

 

Other liabilities

 

5,212,165

 

6,442,860

 

4,231,112

 

 

 

 

 

 

 

 

 

 

 

61,057,402

 

52,759,874

 

50,630,519

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

3,691,273

 

10,790,907

 

4,945,490

 

Other partners

 

2,554,305

 

544,756

 

4,564,307

 

 

 

 

 

 

 

 

 

 

 

6,245,578

 

11,335,663

 

9,509,797

 

 

 

 

 

 

 

 

 

 

 

$

67,302,980

 

$

64,095,537

 

$

60,140,316

 

 

F-213



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 25

 

Series 26

 

Series 27

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

50,300,943

 

$

70,566,784

 

$

59,994,350

 

Construction in progress

 

 

 

 

Land

 

3,701,408

 

5,310,128

 

6,005,394

 

Other assets

 

11,674,482

 

11,007,315

 

6,881,579

 

 

 

 

 

 

 

 

 

 

 

$

65,676,833

 

$

86,884,227

 

$

72,881,323

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

41,701,779

 

$

56,033,901

 

$

47,479,677

 

Accounts payable and accrued expenses

 

2,561,159

 

2,406,380

 

1,379,721

 

Other liabilities

 

7,188,320

 

7,108,635

 

7,866,743

 

 

 

 

 

 

 

 

 

 

 

51,451,258

 

65,548,916

 

56,726,141

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

9,578,868

 

17,474,164

 

10,994,150

 

Other partners

 

4,646,707

 

3,861,147

 

5,161,032

 

 

 

 

 

 

 

 

 

 

 

14,225,575

 

21,335,311

 

16,155,182

 

 

 

 

 

 

 

 

 

 

 

$

65,676,833

 

$

86,884,227

 

$

72,881,323

 

 

F-214



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 28

 

Series 29

 

Series 30

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

59,974,345

 

$

48,228,627

 

$

37,977,302

 

Construction in progress

 

 

762,669

 

 

Land

 

5,523,586

 

2,841,806

 

2,406,880

 

Other assets

 

5,681,186

 

7,975,184

 

3,780,041

 

 

 

 

 

 

 

 

 

 

 

$

71,179,117

 

$

59,808,286

 

$

44,164,223

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

42,235,892

 

$

38,682,279

 

$

25,739,941

 

Accounts payable and accrued expenses

 

1,810,619

 

2,051,823

 

1,123,378

 

Other liabilities

 

3,203,222

 

5,364,590

 

4,734,080

 

 

 

 

 

 

 

 

 

 

 

47,249,733

 

46,098,692

 

31,597,399

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

18,952,110

 

12,724,778

 

9,181,213

 

Other partners

 

4,977,274

 

984,816

 

3,385,611

 

 

 

 

 

 

 

 

 

 

 

23,929,384

 

13,709,594

 

12,566,824

 

 

 

 

 

 

 

 

 

 

 

$

71,179,117

 

$

59,808,286

 

$

44,164,223

 

 

F-215



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 31

 

Series 32

 

Series 33

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

64,350,573

 

$

64,573,309

 

$

54,018,851

 

Construction in progress

 

 

 

 

Land

 

4,509,212

 

4,333,042

 

5,245,180

 

Other assets

 

8,483,641

 

5,220,647

 

4,098,193

 

 

 

 

 

 

 

 

 

 

 

$

77,343,426

 

$

74,126,998

 

$

63,362,224

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

52,088,069

 

$

41,177,616

 

$

34,687,095

 

Accounts payable and accrued expenses

 

2,384,457

 

1,612,790

 

1,077,726

 

Other liabilities

 

6,345,881

 

6,638,420

 

3,632,646

 

 

 

 

 

 

 

 

 

 

 

60,818,407

 

49,428,826

 

39,397,467

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

17,257,706

 

17,656,873

 

12,111,083

 

Other partners

 

(732,687

)

7,041,299

 

11,853,674

 

 

 

 

 

 

 

 

 

 

 

16,525,019

 

24,698,172

 

23,964,757

 

 

 

 

 

 

 

 

 

 

 

$

77,343,426

 

$

74,126,998

 

$

63,362,224

 

 

F-216



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 34

 

Series 35

 

Series 36

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

58,268,234

 

$

48,928,612

 

$

44,246,181

 

Construction in progress

 

 

 

 

Land

 

5,358,490

 

3,734,936

 

2,892,226

 

Other assets

 

5,036,027

 

4,248,883

 

3,772,011

 

 

 

 

 

 

 

 

 

 

 

$

68,662,751

 

$

56,912,431

 

$

50,910,418

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

44,905,137

 

$

27,458,706

 

$

34,528,734

 

Accounts payable and accrued expenses

 

1,973,438

 

1,305,356

 

1,312,017

 

Other liabilities

 

5,508,140

 

6,152,024

 

3,150,678

 

 

 

 

 

 

 

 

 

 

 

52,386,715

 

34,916,086

 

38,991,429

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

14,535,849

 

15,188,634

 

8,578,396

 

Other partners

 

1,740,187

 

6,807,711

 

3,340,593

 

 

 

 

 

 

 

 

 

 

 

16,276,036

 

21,996,345

 

11,918,989

 

 

 

 

 

 

 

 

 

 

 

$

68,662,751

 

$

56,912,431

 

$

50,910,418

 

 

F-217



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 37

 

Series 38

 

Series 39

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

44,273,876

 

$

34,336,560

 

$

29,306,003

 

Construction in progress

 

 

 

 

Land

 

2,432,620

 

2,144,257

 

1,801,039

 

Other assets

 

3,788,165

 

1,969,667

 

1,895,086

 

 

 

 

 

 

 

 

 

 

 

$

50,494,661

 

$

38,450,484

 

$

33,002,128

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

29,925,331

 

$

17,770,963

 

$

13,801,000

 

Accounts payable and accrued expenses

 

1,338,069

 

507,036

 

550,058

 

Other liabilities

 

2,903,791

 

1,497,243

 

1,605,420

 

 

 

 

 

 

 

 

 

 

 

34,167,191

 

19,775,242

 

15,956,478

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

12,348,780

 

13,120,979

 

11,282,026

 

Other partners

 

3,978,690

 

5,554,263

 

5,763,624

 

 

 

 

 

 

 

 

 

 

 

16,327,470

 

18,675,242

 

17,045,650

 

 

 

 

 

 

 

 

 

 

 

$

50,494,661

 

$

38,450,484

 

$

33,002,128

 

 

F-218



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 40

 

Series 41

 

Series 42

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

69,077,130

 

$

100,306,645

 

$

78,691,918

 

Construction in progress

 

 

 

910,798

 

Land

 

5,081,041

 

11,358,983

 

7,632,855

 

Other assets

 

3,932,712

 

7,822,951

 

7,314,680

 

 

 

 

 

 

 

 

 

 

 

$

78,090,883

 

$

119,488,579

 

$

94,550,251

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

48,804,534

 

$

87,645,935

 

$

55,433,372

 

Accounts payable and accrued expenses

 

795,632

 

1,392,844

 

1,997,529

 

Other liabilities

 

8,641,092

 

13,684,167

 

15,491,541

 

 

 

 

 

 

 

 

 

 

 

58,241,258

 

102,722,946

 

72,922,442

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

13,988,084

 

10,630,184

 

13,645,235

 

Other partners

 

5,861,541

 

6,135,449

 

7,982,574

 

 

 

 

 

 

 

 

 

 

 

19,849,625

 

16,765,633

 

21,627,809

 

 

 

 

 

 

 

 

 

 

 

$

78,090,883

 

$

119,488,579

 

$

94,550,251

 

 

F-219



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 43

 

Series 44

 

Series 45

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

75,792,738

 

$

74,716,003

 

$

90,561,325

 

Construction in progress

 

910,798

 

 

 

Land

 

6,722,781

 

7,662,597

 

6,919,644

 

Other assets

 

5,423,993

 

5,925,465

 

6,269,483

 

 

 

 

 

 

 

 

 

 

 

$

88,850,310

 

$

88,304,065

 

$

103,750,452

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

50,604,615

 

$

58,517,814

 

$

62,489,405

 

Accounts payable and accrued expenses

 

1,312,942

 

1,039,876

 

958,406

 

Other liabilities

 

12,789,864

 

9,217,947

 

6,703,948

 

 

 

 

 

 

 

 

 

 

 

64,707,421

 

68,775,637

 

70,151,759

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

17,834,833

 

14,044,761

 

24,502,421

 

Other partners

 

6,308,056

 

5,483,667

 

9,096,272

 

 

 

 

 

 

 

 

 

 

 

24,142,889

 

19,528,428

 

33,598,693

 

 

 

 

 

 

 

 

 

 

 

$

88,850,310

 

$

88,304,065

 

$

103,750,452

 

 

F-220



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 

 

 

Series 46

 

ASSETS

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

45,650,002

 

Construction in progress

 

 

Land

 

2,238,321

 

Other assets

 

2,601,176

 

 

 

 

 

 

 

$

50,489,499

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

26,330,515

 

Accounts payable and accrued expenses

 

340,597

 

Other liabilities

 

3,017,212

 

 

 

 

 

 

 

29,688,324

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

Boston Capital Tax Credit Fund IV L.P.

 

18,982,745

 

Other partners

 

1,818,430

 

 

 

 

 

 

 

20,801,175

 

 

 

 

 

 

 

$

50,489,499

 

 

F-221



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Total

 

Series 20

 

Series 21

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

227,667,763

 

$

12,649,892

 

$

4,091,401

 

Interest and other

 

16,344,667

 

2,377,027

 

116,027

 

 

 

 

 

 

 

 

 

 

 

244,012,430

 

15,026,919

 

4,207,428

 

Expenses

 

 

 

 

 

 

 

Interest

 

65,721,556

 

3,561,841

 

1,364,817

 

Depreciation and amortization

 

70,180,336

 

3,119,767

 

906,164

 

Taxes and insurance

 

30,085,564

 

1,801,186

 

628,357

 

Repairs and maintenance

 

41,105,311

 

3,335,532

 

573,288

 

Operating expenses

 

75,273,732

 

3,684,066

 

1,474,074

 

Other expenses

 

5,386,920

 

280,855

 

305,869

 

 

 

 

 

 

 

 

 

 

 

287,753,419

 

15,783,247

 

5,252,569

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(43,740,989

)

$

(756,328

)

$

(1,045,141

)

 

 

 

 

 

 

 

 

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

 

$

(26,910,077

)

$

85,792

 

$

(1,046,825

)

 

 

 

 

 

 

 

 

Net income (loss) allocated to other partners

 

$

(16,830,912

)

$

(842,120

)

$

1,684

 

 


*

Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-222



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 22

 

Series 23

 

Series 24

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

10,014,514

 

$

9,324,946

 

$

8,876,095

 

Interest and other

 

805,833

 

564,976

 

146,945

 

 

 

 

 

 

 

 

 

 

 

10,820,347

 

9,889,922

 

9,023,040

 

Expenses

 

 

 

 

 

 

 

Interest

 

2,678,085

 

2,598,255

 

2,386,135

 

Depreciation and amortization

 

2,816,841

 

2,338,859

 

2,567,600

 

Taxes and insurance

 

1,741,378

 

1,507,714

 

1,138,595

 

Repairs and maintenance

 

2,720,714

 

1,975,432

 

1,683,531

 

Operating expenses

 

3,366,715

 

3,272,825

 

2,993,285

 

Other expenses

 

250,496

 

268,611

 

95,408

 

 

 

 

 

 

 

 

 

 

 

13,574,229

 

11,961,696

 

10,864,554

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(2,753,882

)

$

(2,071,774

)

$

(1,841,514

)

 

 

 

 

 

 

 

 

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

 

$

(1,201,428

)

$

(1,185,685

)

$

(934,809

)

 

 

 

 

 

 

 

 

Net income (loss) allocated to other partners

 

$

(1,552,454

)

$

(886,089

)

$

(906,705

)

 


*

Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-223



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 25

 

Series 26

 

Series 27

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

12,281,812

 

$

11,889,287

 

$

9,856,699

 

Interest and other

 

372,865

 

1,158,373

 

1,374,021

 

 

 

 

 

 

 

 

 

 

 

12,654,677

 

13,047,660

 

11,230,720

 

Expenses

 

 

 

 

 

 

 

Interest

 

2,917,809

 

2,458,538

 

2,847,868

 

Depreciation and amortization

 

2,782,138

 

3,141,152

 

2,538,472

 

Taxes and insurance

 

1,661,550

 

1,795,807

 

1,339,893

 

Repairs and maintenance

 

2,793,407

 

1,872,162

 

1,402,891

 

Operating expenses

 

3,952,648

 

4,041,737

 

2,856,207

 

Other expenses

 

97,350

 

232,408

 

363,276

 

 

 

 

 

 

 

 

 

 

 

14,204,902

 

13,541,804

 

11,348,607

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(1,550,225

)

$

(494,144

)

$

(117,887

)

 

 

 

 

 

 

 

 

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

 

$

(1,228,128

)

$

(601,880

)

$

(247,263

)

 

 

 

 

 

 

 

 

Net income (loss) allocated to other partners

 

$

(322,097

)

$

107,736

 

$

129,376

 

 


*

Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-224



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 28

 

Series 29

 

Series 30

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

9,563,822

 

$

6,747,602

 

$

6,237,866

 

Interest and other

 

563,342

 

816,484

 

540,320

 

 

 

 

 

 

 

 

 

 

 

10,127,164

 

7,564,086

 

6,778,186

 

Expenses

 

 

 

 

 

 

 

Interest

 

2,109,828

 

1,839,424

 

1,253,014

 

Depreciation and amortization

 

2,862,369

 

2,470,436

 

1,597,723

 

Taxes and insurance

 

1,213,954

 

1,001,034

 

703,970

 

Repairs and maintenance

 

1,547,142

 

1,200,801

 

1,146,259

 

Operating expenses

 

3,163,327

 

2,649,881

 

2,675,056

 

Other expenses

 

446,086

 

142,131

 

127,572

 

 

 

 

 

 

 

 

 

 

 

11,342,706

 

9,303,707

 

7,503,594

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(1,215,542

)

$

(1,739,621

)

$

(725,408

)

 

 

 

 

 

 

 

 

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

 

$

(897,482

)

$

(1,715,615

)

$

(307,390

)

 

 

 

 

 

 

 

 

Net income (loss) allocated to other partners

 

$

(318,060

)

$

(24,006

)

$

(418,018

)

 


*

Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-225



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 31

 

Series 32

 

Series 33

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

10,277,524

 

$

8,605,936

 

$

7,510,923

 

Interest and other

 

642,901

 

1,036,969

 

379,189

 

 

 

 

 

 

 

 

 

 

 

10,920,425

 

9,642,905

 

7,890,112

 

Expenses

 

 

 

 

 

 

 

Interest

 

2,033,249

 

2,445,169

 

2,362,513

 

Depreciation and amortization

 

2,946,241

 

3,300,695

 

2,756,990

 

Taxes and insurance

 

1,465,563

 

1,200,180

 

1,074,703

 

Repairs and maintenance

 

1,731,490

 

1,307,071

 

1,110,513

 

Operating expenses

 

3,455,940

 

2,883,277

 

2,393,580

 

Other expenses

 

358,425

 

200,687

 

50,303

 

 

 

 

 

 

 

 

 

 

 

11,990,908

 

11,337,079

 

9,748,602

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(1,070,483

)

$

(1,694,174

)

$

(1,858,490

)

 

 

 

 

 

 

 

 

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

 

$

(1,068,075

)

$

(1,275,467

)

$

(765,568

)

 

 

 

 

 

 

 

 

Net income (loss) allocated to other partners

 

$

(2,408

)

$

(418,707

)

$

(1,092,922

)

 


*

Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-226



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 34

 

Series 35

 

Series 36

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

8,117,899

 

$

6,065,192

 

$

6,198,981

 

Interest and other

 

437,871

 

360,508

 

367,579

 

 

 

 

 

 

 

 

 

 

 

8,555,770

 

6,425,700

 

6,566,560

 

Expenses

 

 

 

 

 

 

 

Interest

 

2,699,900

 

1,892,616

 

2,078,264

 

Depreciation and amortization

 

2,968,376

 

2,211,408

 

1,973,452

 

Taxes and insurance

 

1,181,363

 

854,274

 

693,730

 

Repairs and maintenance

 

1,044,282

 

994,029

 

1,274,493

 

Operating expenses

 

2,898,607

 

2,018,655

 

2,249,866

 

Other expenses

 

59,757

 

91,904

 

115,607

 

 

 

 

 

 

 

 

 

 

 

10,852,285

 

8,062,886

 

8,385,412

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(2,296,515

)

$

(1,637,186

)

$

(1,818,852

)

 

 

 

 

 

 

 

 

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

 

$

(1,618,928

)

$

(1,084,994

)

$

(914,554

)

 

 

 

 

 

 

 

 

Net income (loss) allocated to other partners

 

$

(677,587

)

$

(552,192

)

$

(904,298

)

 


*

Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-227



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 37

 

Series 38

 

Series 39

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

5,608,105

 

$

4,397,922

 

$

3,473,624

 

Interest and other

 

234,409

 

179,786

 

223,470

 

 

 

 

 

 

 

 

 

 

 

5,842,514

 

4,577,708

 

3,697,094

 

Expenses

 

 

 

 

 

 

 

Interest

 

1,741,963

 

1,160,979

 

863,951

 

Depreciation and amortization

 

2,117,375

 

1,519,851

 

1,356,653

 

Taxes and insurance

 

826,368

 

453,008

 

381,438

 

Repairs and maintenance

 

803,195

 

623,974

 

470,534

 

Operating expenses

 

2,130,429

 

1,508,004

 

1,466,270

 

Other expenses

 

72,760

 

81,808

 

108,587

 

 

 

 

 

 

 

 

 

 

 

7,692,090

 

5,347,624

 

4,647,433

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(1,849,576

)

$

(769,916

)

$

(950,339

)

 

 

 

 

 

 

 

 

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

 

$

(1,201,584

)

$

(496,433

)

$

(647,736

)

 

 

 

 

 

 

 

 

Net income (loss) allocated to other partners

 

$

(647,992

)

$

(273,483

)

$

(302,603

)

 


*

Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-228



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 40

 

Series 41

 

Series 42

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

8,536,792

 

$

14,291,880

 

$

10,218,517

 

Interest and other

 

429,721

 

763,758

 

487,592

 

 

 

 

 

 

 

 

 

 

 

8,966,513

 

15,055,638

 

10,706,109

 

Expenses

 

 

 

 

 

 

 

Interest

 

3,142,166

 

5,667,194

 

3,561,693

 

Depreciation and amortization

 

2,769,512

 

4,244,008

 

3,374,228

 

Taxes and insurance

 

1,127,134

 

1,494,632

 

1,031,824

 

Repairs and maintenance

 

1,466,049

 

2,646,442

 

1,724,957

 

Operating expenses

 

2,298,036

 

3,467,542

 

3,210,403

 

Other expenses

 

117,428

 

294,487

 

253,515

 

 

 

 

 

 

 

 

 

 

 

10,920,325

 

17,814,305

 

13,156,620

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(1,953,812

)

$

(2,758,667

)

$

(2,450,511

)

 

 

 

 

 

 

 

 

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

 

$

(822,807

)

$

(1,193,426

)

$

(1,145,389

)

 

 

 

 

 

 

 

 

Net income (loss) allocated to other partners

 

$

(1,131,005

)

$

(1,565,241

)

$

(1,305,122

)

 


*

Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-229



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 43

 

Series 44

 

Series 45

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

8,764,849

 

$

8,951,730

 

$

10,134,666

 

Interest and other

 

468,058

 

872,061

 

367,774

 

 

 

 

 

 

 

 

 

 

 

9,232,907

 

9,823,791

 

10,502,440

 

Expenses

 

 

 

 

 

 

 

Interest

 

2,750,843

 

3,057,572

 

2,733,407

 

Depreciation and amortization

 

3,435,044

 

3,051,483

 

3,488,968

 

Taxes and insurance

 

904,170

 

1,057,867

 

1,172,626

 

Repairs and maintenance

 

1,732,554

 

1,536,138

 

1,659,060

 

Operating expenses

 

3,051,141

 

2,907,719

 

3,524,120

 

Other expenses

 

135,368

 

504,482

 

224,019

 

 

 

 

 

 

 

 

 

 

 

12,009,120

 

12,115,261

 

12,802,200

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(2,776,213

)

$

(2,291,470

)

$

(2,299,760

)

 

 

 

 

 

 

 

 

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

 

$

(1,673,377

)

$

(1,349,859

)

$

(1,541,584

)

 

 

 

 

 

 

 

 

Net income (loss) allocated to other partners

 

$

(1,102,836

)

$

(941,611

)

$

(758,176

)

 


*

Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-230



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2007 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 46

 

Revenue

 

 

 

Rent

 

$

4,979,287

 

Interest and other

 

256,808

 

 

 

 

 

 

 

5,236,095

 

Expenses

 

 

 

Interest

 

1,514,463

 

Depreciation and amortization

 

1,524,531

 

Taxes and insurance

 

633,246

 

Repairs and maintenance

 

729,371

 

Operating expenses

 

1,680,322

 

Other expenses

 

107,721

 

 

 

 

 

 

 

6,189,654

 

 

 

 

 

NET LOSS

 

$

(953,559

)

 

 

 

 

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

 

$

(829,583

)

 

 

 

 

Net income (loss) allocated to other partners

 

$

(123,976

)

 


*

Amounts include $842,193, $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961, $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-231



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Total

 

Series 20

 

Series 21

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

223,803,611

 

$

12,391,186

 

$

5,300,933

 

Interest and other

 

10,643,323

 

866,290

 

97,796

 

 

 

 

 

 

 

 

 

 

 

234,446,934

 

13,257,476

 

5,398,729

 

Expenses

 

 

 

 

 

 

 

Interest

 

68,435,349

 

3,537,350

 

1,899,645

 

Depreciation and amortization

 

70,717,050

 

3,246,395

 

903,438

 

Taxes and insurance

 

31,559,531

 

1,728,037

 

804,983

 

Repairs and maintenance

 

39,016,066

 

2,960,790

 

920,971

 

Operating expenses

 

71,981,623

 

3,600,467

 

2,659,436

 

Other expenses

 

5,224,985

 

174,722

 

521,819

 

 

 

 

 

 

 

 

 

 

 

286,934,604

 

15,247,761

 

7,710,292

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(52,487,670

)

$

(1,990,285

)

$

(2,311,563

)

 

 

 

 

 

 

 

 

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

 

$

(33,177,612

)

$

(1,426,085

)

$

(1,683,910

)

 

 

 

 

 

 

 

 

Net loss allocated to other partners

 

$

(19,310,058

)

$

(564,200

)

$

(627,653

)

 


*

Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-232



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 22

 

Series 23

 

Series 24

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

10,048,198

 

$

9,059,794

 

$

8,867,847

 

Interest and other

 

609,833

 

484,603

 

226,750

 

 

 

 

 

 

 

 

 

 

 

10,658,031

 

9,544,397

 

9,094,597

 

Expenses

 

 

 

 

 

 

 

Interest

 

2,780,676

 

2,673,560

 

2,641,719

 

Depreciation and amortization

 

2,799,471

 

2,340,767

 

2,495,640

 

Taxes and insurance

 

1,640,229

 

1,393,441

 

1,198,941

 

Repairs and maintenance

 

2,384,485

 

1,857,268

 

1,634,761

 

Operating expenses

 

3,253,100

 

3,359,417

 

2,972,839

 

Other expenses

 

265,709

 

271,509

 

163,594

 

 

 

 

 

 

 

 

 

 

 

13,123,670

 

11,895,962

 

11,107,494

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(2,465,639

)

$

(2,351,565

)

$

(2,012,897

)

 

 

 

 

 

 

 

 

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

 

$

(1,232,973

)

$

(1,124,473

)

$

(1,112,493

)

 

 

 

 

 

 

 

 

Net loss allocated to other partners

 

$

(1,232,666

)

$

(1,227,092

)

$

(900,404

)

 


*

Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-233



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 25

 

Series 26

 

Series 27

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

11,647,045

 

$

11,318,577

 

$

9,396,126

 

Interest and other

 

267,081

 

609,364

 

396,830

 

 

 

 

 

 

 

 

 

 

 

11,914,126

 

11,927,941

 

9,792,956

 

Expenses

 

 

 

 

 

 

 

Interest

 

3,039,392

 

2,622,945

 

3,006,055

 

Depreciation and amortization

 

2,654,897

 

3,192,660

 

2,558,421

 

Taxes and insurance

 

1,607,104

 

1,906,127

 

1,330,339

 

Repairs and maintenance

 

2,421,778

 

1,998,370

 

1,178,502

 

Operating expenses

 

3,645,071

 

3,835,707

 

2,597,598

 

Other expenses

 

171,849

 

291,697

 

250,466

 

 

 

 

 

 

 

 

 

 

 

13,540,091

 

13,847,506

 

10,921,381

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(1,625,965

)

$

(1,919,565

)

$

(1,128,425

)

 

 

 

 

 

 

 

 

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

 

$

(1,240,352

)

$

(1,582,875

)

$

(465,492

)

 

 

 

 

 

 

 

 

Net loss allocated to other partners

 

$

(385,613

)

$

(336,690

)

$

(662,933

)

 


*

Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-234



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 28

 

Series 29

 

Series 30

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

9,301,803

 

$

6,698,799

 

$

5,914,133

 

Interest and other

 

231,819

 

482,363

 

230,887

 

 

 

 

 

 

 

 

 

 

 

9,533,622

 

7,181,162

 

6,145,020

 

Expenses

 

 

 

 

 

 

 

Interest

 

2,156,694

 

2,309,862

 

1,275,647

 

Depreciation and amortization

 

2,883,553

 

2,495,969

 

1,591,985

 

Taxes and insurance

 

1,276,962

 

1,050,661

 

856,044

 

Repairs and maintenance

 

1,622,246

 

775,397

 

1,089,070

 

Operating expenses

 

2,822,016

 

2,488,430

 

2,514,603

 

Other expenses

 

282,870

 

169,491

 

169,064

 

 

 

 

 

 

 

 

 

 

 

11,044,341

 

9,289,810

 

7,496,413

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(1,510,719

)

$

(2,108,648

)

$

(1,351,393

)

 

 

 

 

 

 

 

 

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

 

$

(929,420

)

$

(2,057,881

)

$

(789,792

)

 

 

 

 

 

 

 

 

Net loss allocated to other partners

 

$

(581,299

)

$

(50,767

)

$

(561,601

)

 


*

Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-235



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 31

 

Series 32

 

Series 33

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

10,547,736

 

$

8,373,401

 

$

7,332,348

 

Interest and other

 

445,160

 

377,425

 

286,449

 

 

 

 

 

 

 

 

 

 

 

10,992,896

 

8,750,826

 

7,618,797

 

Expenses

 

 

 

 

 

 

 

Interest

 

2,497,250

 

2,503,320

 

2,349,667

 

Depreciation and amortization

 

3,140,820

 

3,368,938

 

2,782,481

 

Taxes and insurance

 

1,579,663

 

1,371,555

 

1,032,572

 

Repairs and maintenance

 

1,871,323

 

1,341,279

 

1,151,212

 

Operating expenses

 

3,679,109

 

3,062,101

 

2,133,502

 

Other expenses

 

378,081

 

230,661

 

78,500

 

 

 

 

 

 

 

 

 

 

 

13,146,246

 

11,877,854

 

9,527,934

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(2,153,350

)

$

(3,127,028

)

$

(1,909,137

)

 

 

 

 

 

 

 

 

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

 

$

(2,133,230

)

$

(2,406,146

)

$

(808,982

)

 

 

 

 

 

 

 

 

Net loss allocated to other partners

 

$

(20,120

)

$

(720,882

)

$

(1,100,155

)

 


*

Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-236



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 34

 

Series 35

 

Series 36

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

7,931,897

 

$

6,140,098

 

$

6,135,382

 

Interest and other

 

401,957

 

612,139

 

325,029

 

 

 

 

 

 

 

 

 

 

 

8,333,854

 

6,752,237

 

6,460,411

 

Expenses

 

 

 

 

 

 

 

Interest

 

2,895,182

 

1,932,620

 

1,973,693

 

Depreciation and amortization

 

2,988,275

 

2,122,519

 

1,958,002

 

Taxes and insurance

 

1,206,972

 

927,178

 

766,342

 

Repairs and maintenance

 

1,258,621

 

1,120,640

 

1,262,901

 

Operating expenses

 

2,379,093

 

1,935,520

 

2,235,980

 

Other expenses

 

91,276

 

87,166

 

85,502

 

 

 

 

 

 

 

 

 

 

 

10,819,419

 

8,125,643

 

8,282,420

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(2,485,565

)

$

(1,373,406

)

$

(1,822,009

)

 

 

 

 

 

 

 

 

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

 

$

(1,745,646

)

$

(758,589

)

$

(964,957

)

 

 

 

 

 

 

 

 

Net loss allocated to other partners

 

$

(739,919

)

$

(614,817

)

$

(857,052

)

 


*

Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-237



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 37

 

Series 38

 

Series 39

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

5,780,159

 

$

4,272,561

 

$

3,415,222

 

Interest and other

 

203,491

 

261,503

 

260,376

 

 

 

 

 

 

 

 

 

 

 

5,983,650

 

4,534,064

 

3,675,598

 

Expenses

 

 

 

 

 

 

 

Interest

 

1,759,262

 

1,184,723

 

861,982

 

Depreciation and amortization

 

2,157,259

 

1,544,295

 

1,401,524

 

Taxes and insurance

 

928,551

 

656,027

 

584,482

 

Repairs and maintenance

 

773,064

 

690,377

 

507,880

 

Operating expenses

 

1,967,261

 

1,181,037

 

1,097,258

 

Other expenses

 

81,111

 

96,387

 

134,915

 

 

 

 

 

 

 

 

 

 

 

7,666,508

 

5,352,846

 

4,588,041

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(1,682,858

)

$

(818,782

)

$

(912,443

)

 

 

 

 

 

 

 

 

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

 

$

(1,082,174

)

$

(520,255

)

$

(658,296

)

 

 

 

 

 

 

 

 

Net loss allocated to other partners

 

$

(600,684

)

$

(298,527

)

$

(254,147

)

 


*

Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-238



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 40

 

Series 41

 

Series 42

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

8,352,119

 

$

13,843,738

 

$

10,640,524

 

Interest and other

 

472,864

 

765,601

 

361,814

 

 

 

 

 

 

 

 

 

 

 

8,824,983

 

14,609,339

 

11,002,338

 

Expenses

 

 

 

 

 

 

 

Interest

 

3,199,525

 

5,664,851

 

3,643,888

 

Depreciation and amortization

 

2,830,886

 

4,244,276

 

3,475,261

 

Taxes and insurance

 

1,143,135

 

1,521,628

 

1,194,434

 

Repairs and maintenance

 

1,276,870

 

2,303,270

 

1,754,249

 

Operating expenses

 

2,176,009

 

3,330,737

 

3,107,383

 

Other expenses

 

84,508

 

250,751

 

278,282

 

 

 

 

 

 

 

 

 

 

 

10,710,933

 

17,315,513

 

13,453,497

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(1,885,950

)

$

(2,706,174

)

$

(2,451,159

)

 

 

 

 

 

 

 

 

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

 

$

(923,278

)

$

(1,204,255

)

$

(1,198,022

)

 

 

 

 

 

 

 

 

Net loss allocated to other partners

 

$

(962,672

)

$

(1,501,919

)

$

(1,253,137

)

 


*

Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-239



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 43

 

Series 44

 

Series 45

 

Revenue

 

 

 

 

 

 

 

Rent

 

$

8,570,522

 

$

8,229,537

 

$

9,932,831

 

Interest and other

 

398,146

 

380,920

 

394,900

 

 

 

 

 

 

 

 

 

 

 

8,968,668

 

8,610,457

 

10,327,731

 

Expenses

 

 

 

 

 

 

 

Interest

 

2,752,516

 

3,003,679

 

2,822,430

 

Depreciation and amortization

 

3,382,802

 

3,217,574

 

3,558,240

 

Taxes and insurance

 

874,216

 

1,232,899

 

1,242,563

 

Repairs and maintenance

 

1,437,959

 

1,463,297

 

1,397,354

 

Operating expenses

 

2,818,987

 

2,451,153

 

3,255,983

 

Other expenses

 

144,715

 

301,237

 

124,622

 

 

 

 

 

 

 

 

 

 

 

11,411,195

 

11,669,839

 

12,401,192

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(2,442,527

)

$

(3,059,382

)

$

(2,073,461

)

 

 

 

 

 

 

 

 

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

 

$

(1,267,245

)

$

(1,605,918

)

$

(1,472,954

)

 

 

 

 

 

 

 

 

Net loss allocated to other partners

 

$

(1,175,282

)

$

(1,453,464

)

$

(600,507

)

 


*                 Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-240



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2006 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Series 46

 

Revenue

 

 

 

Rent

 

$

4,361,095

 

Interest and other

 

191,933

 

 

 

 

 

 

 

4,553,028

 

Expenses

 

 

 

Interest

 

1,447,216

 

Depreciation and amortization

 

1,380,702

 

Taxes and insurance

 

504,446

 

Repairs and maintenance

 

562,132

 

Operating expenses

 

1,421,826

 

Other expenses

 

44,481

 

 

 

 

 

 

 

5,360,803

 

 

 

 

 

NET LOSS

 

$

(807,775

)

 

 

 

 

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

 

$

(781,919

)

 

 

 

 

Net loss allocated to other partners

 

$

(25,856

)

 


*                 Amounts include $954,063, $1,516,096, $924,513, $538,820, $470,714, $232,192, $451,831, $42,069, $17,733, $272,142, $216,339, $85,277, $134,193, $383,113, $20,986, $37,474, and $36,853 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 31, 32, 35, 36, 41, 42, and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-241



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE D - NOTES RECEIVABLE

 

Notes receivable at March 31, 2008 and 2007 consist of advance installments of $892,005 and $2,192,642, respectively, of capital contributions to operating limited partnerships.  The notes are comprised of noninterest bearing and interest bearing notes with rates ranging from prime to prime + 1%.  Prime was 5.25% and 8.25% as of March 31, 2008 and 2007, respectively.  These notes are secured by future installments of capital contributions or paid upon demand.  The carrying value of the notes receivable at March 31, 2008 and 2007 approximates fair value.  The notes at March 31, 2008 and 2007 by series are as follows:

 

 

 

2008

 

2007

 

 

 

 

 

 

 

Series 20

 

$

 

$

 

Series 21

 

236,476

 

236,476

 

Series 22

 

 

 

Series 23

 

 

 

Series 24

 

 

 

Series 25

 

 

 

Series 26

 

129,062

 

129,062

 

Series 27

 

 

 

Series 28

 

 

 

Series 29

 

 

 

Series 30

 

 

 

Series 31

 

 

570,454

 

Series 32

 

46,908

 

46,908

 

Series 33

 

 

 

Series 34

 

 

 

Series 35

 

 

 

Series 36

 

 

 

Series 37

 

 

 

Series 38

 

 

 

Series 39

 

 

 

Series 40

 

 

 

Series 41

 

 

 

Series 42

 

292,933

 

614,966

 

Series 43

 

186,626

 

186,626

 

Series 44

 

 

108,150

 

Series 45

 

 

300,000

 

Series 46

 

 

 

 

 

 

 

 

 

 

 

$

892,005

 

$

2,192,642

 

 

F-242



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2008 is reconciled as follows:

 

 

 

Total

 

Series 20

 

Series 21

 

Net income (loss) for financial reporting purposes

 

$

(49,243,404

)

$

447,494

 

$

(391,828

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

(34,582

)

(902

)

(3,311

)

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

5,346,749

 

212,752

 

180,372

 

 

 

 

 

 

 

 

 

Other

 

(4,609,166

)

(1,400,245

)

471,381

 

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

(8,783,322

)

(842,193

)

(917,371

)

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(5,007,247

)

(66,632

)

70,470

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

22,053,317

 

160,645

 

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(2,842,183

)

(101,473

)

106,419

 

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2007

 

$

(43,119,838

)

$

(1,590,554

)

$

(483,868

)

 

F-243



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2008 is reconciled as follows:

 

 

 

Series 22

 

Series 23

 

Series 24

 

Net income (loss) for financial reporting purposes

 

$

(406,258

)

$

(350,492

)

$

(660,630

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

 

 

628

 

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

254,591

 

240,264

 

202,736

 

 

 

 

 

 

 

 

 

Other

 

(2,142

)

(295,032

)

(382,977

)

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

(1,125,849

)

(1,144,557

)

(724,039

)

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(58,135

)

(199,365

)

36

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

12,843

 

11,863

 

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(45,907

)

(48,821

)

192,973

 

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2007

 

$

(1,370,857

)

$

(1,786,140

)

$

(1,371,273

)

 

F-244



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2008 is reconciled as follows:

 

 

 

Series 25

 

Series 26

 

Series 27

 

Net income (loss) for financial reporting purposes

 

$

(704,857

)

$

(1,161,604

)

$

(1,009,610

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

 

 

(1,185

)

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

172,676

 

334,760

 

315,204

 

 

 

 

 

 

 

 

 

Other

 

(286,443

)

(127,333

)

(122,849

)

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

(970,414

)

(677,961

)

(36,961

)

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(130,459

)

(438,694

)

(311,227

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

161,576

 

732,092

 

431,928

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(4,195

)

(16,289

)

833

 

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2007

 

$

(1,762,116

)

$

(1,355,029

)

$

(733,867

)

 

F-245



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2008 is reconciled as follows:

 

 

 

Series 28

 

Series 29

 

Series 30

 

Net income (loss) for financial reporting purposes

 

$

(3,378,418

)

$

(3,076,775

)

$

(1,581,867

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

(117

)

 

 

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

159,116

 

337,980

 

136,169

 

 

 

 

 

 

 

 

 

Other

 

1,408

 

(201,506

)

(246,346

)

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

(19,252

)

(335,659

)

 

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(236,641

)

(195,229

)

(164,973

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

2,157,670

 

1,335,385

 

1,080,096

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(63,610

)

(24,282

)

(53,844

)

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2007

 

$

(1,379,844

)

$

(2,160,086

)

$

(830,765

)

 

F-246



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2008 is reconciled as follows:

 

 

 

Series 31

 

Series 32

 

Series 33

 

Net income (loss) for financial reporting purposes

 

$

(3,412,504

)

$

(3,623,702

)

$

(1,889,804

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

(24,918

)

(2,597

)

586

 

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

244,666

 

331,540

 

173,964

 

 

 

 

 

 

 

 

 

Other

 

(417,211

)

(31,101

)

(10,651

)

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

(142,151

)

(57,534

)

 

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(503,247

)

(167,809

)

(115,782

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

2,354,775

 

2,018,741

 

899,634

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(154,488

)

(31,273

)

(75,295

)

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2007

 

$

(2,055,078

)

$

(1,563,735

)

$

(1,017,348

)

 

F-247



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2008 is reconciled as follows:

 

 

 

Series 34

 

Series 35

 

Series 36

 

Net income (loss) for financial reporting purposes

 

$

(3,182,480

)

$

(2,980,268

)

$

(1,820,515

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

(275

)

201

 

354

 

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

293,196

 

203,360

 

160,599

 

 

 

 

 

 

 

 

 

Other

 

130,233

 

86,872

 

(283,359

)

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

(4,326

)

(245,331

)

(410,378

)

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(143,465

)

(250,784

)

(97,481

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

1,188,755

 

1,759,833

 

1,038,910

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(26,966

)

(68,846

)

(20,180

)

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2007

 

$

(1,745,328

)

$

(1,494,963

)

$

(1,432,050

)

 

F-248



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2008 is reconciled as follows:

 

 

 

Series 37

 

Series 38

 

Series 39

 

Net income (loss) for financial reporting purposes

 

$

(1,930,779

)

$

(1,217,122

)

$

(1,814,271

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

1,061

 

4,707

 

6,636

 

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

179,864

 

114,400

 

36,800

 

 

 

 

 

 

 

 

 

Other

 

204,335

 

(68,052

)

63,551

 

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

 

 

 

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(127,588

)

(140,085

)

(79,579

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

423,459

 

432,829

 

914,628

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(66,863

)

(81,962

)

(105,481

)

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2007

 

$

(1,316,511

)

$

(955,285

)

$

(977,716

)

 

F-249



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2008 is reconciled as follows:

 

 

 

Series 40

 

Series 41

 

Series 42

 

Net income (loss) for financial reporting purposes

 

$

(2,695,404

)

$

(2,132,436

)

$

(1,747,899

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

1,020

 

(3,435

)

4,027

 

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

200,017

 

246,830

 

152,320

 

 

 

 

 

 

 

 

 

Other

 

(57,222

)

(73,199

)

(87,433

)

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

 

(272,496

)

(126,743

)

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(89,543

)

(39,036

)

(56,643

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

1,521,514

 

759,371

 

465,725

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(25,987

)

(1,511,772

)

68,539

 

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2007

 

$

(1,145,605

)

$

(3,026,173

)

$

(1,328,107

)

 

F-250



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2008 is reconciled as follows:

 

 

 

Series 43

 

Series 44

 

Series 45

 

Net income (loss) for financial reporting purposes

 

$

(2,632,307

)

$

(1,973,251

)

$

(2,684,304

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

 

478

 

(471

)

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

166,780

 

169,701

 

91,564

 

 

 

 

 

 

 

 

 

Other

 

159,913

 

(1,803,534

)

352,664

 

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

(317,356

)

(387,887

)

(24,864

)

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(188,285

)

(397,145

)

(356,546

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

743,088

 

639,663

 

703,879

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(211,230

)

(190,458

)

(211,582

)

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2007

 

$

(2,279,397

)

$

(3,942,433

)

$

(2,129,660

)

 

F-251



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2008 is reconciled as follows:

 

 

 

Series 46

 

Net income (loss) for financial reporting purposes

 

$

(1,231,513

)

 

 

 

 

Operating limited partnership rents received in advance

 

(17,069

)

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

34,528

 

 

 

 

 

Other

 

(182,888

)

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(523,380

)

 

 

 

 

Impairment loss not recognized for tax purposes

 

104,415

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(70,143

)

 

 

 

 

Income (loss) for tax return purposes, December 31, 2007

 

$

(1,886,050

)

 

F-252



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2007 is reconciled as follows:

 

 

 

Total

 

Series 20

 

Series 21

 

Net income (loss) for financial reporting purposes

 

$

(68,665,902

)

$

(830,291

)

$

(467,446

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

(51,944

)

(6,287

)

1,088

 

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

4,976,733

 

12,729

 

225,840

 

 

 

 

 

 

 

 

 

Other

 

(144,826

)

200,242

 

434,796

 

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

(6,334,408

)

(954,063

)

(1,516,096

)

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(6,614,425

)

(60,192

)

(191,239

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

32,181,505

 

 

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(4,221,621

)

(1,985,701

)

19,172

 

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2006

 

$

(48,874,888

)

$

(3,623,563

)

$

(1,493,885

)

 

F-253



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2007 is reconciled as follows:

 

 

 

Series 22

 

Series 23

 

Series 24

 

Net income (loss) for financial reporting purposes

 

$

(759,153

)

$

(2,190,568

)

$

(1,333,324

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

766

 

707

 

(11,711

)

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

254,591

 

240,264

 

227,736

 

 

 

 

 

 

 

 

 

Other

 

42,887

 

(31,651

)

103,321

 

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

(924,513

)

(538,820

)

(470,714

)

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(130,185

)

(389,380

)

56,183

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

141,554

 

1,309,291

 

399,028

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(21,323

)

17,908

 

11,164

 

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2006

 

$

(1,395,376

)

$

(1,582,249

)

$

(1,018,317

)

 

F-254



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2007 is reconciled as follows:

 

 

 

Series 25

 

Series 26

 

Series 27

 

Net income (loss) for financial reporting purposes

 

$

(4,602,731

)

$

(4,098,003

)

$

(2,229,898

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

16,371

 

(3,521

)

(822

)

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

207,676

 

334,760

 

315,204

 

 

 

 

 

 

 

 

 

Other

 

280,564

 

121,420

 

(49,425

)

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

(232,192

)

(451,831

)

(42,069

)

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(22,976

)

(418,253

)

(464,168

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

3,259,647

 

2,474,839

 

1,443,337

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

22,842

 

25,099

 

17,485

 

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2006

 

$

(1,070,799

)

$

(2,015,490

)

$

(1,010,356

)

 

F-255



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2007 is reconciled as follows:

 

 

 

Series 28

 

Series 29

 

Series 30

 

Net income (loss) for financial reporting purposes

 

$

(5,760,322

)

$

(4,297,339

)

$

(2,864,146

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

(343

)

(20,001

)

(417

)

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

159,116

 

297,980

 

103,544

 

 

 

 

 

 

 

 

 

Other

 

(182,666

)

(479,690

)

(298,815

)

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

(17,733

)

(272,142

)

 

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(275,456

)

(212,032

)

(168,081

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

4,492,232

 

2,134,182

 

1,802,959

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(23,834

)

(72,483

)

(1,201,753

)

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2006

 

$

(1,609,006

)

$

(2,921,525

)

$

(2,626,709

)

 

F-256



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2007 is reconciled as follows:

 

 

 

Series 31

 

Series 32

 

Series 33

 

Net income (loss) for financial reporting purposes

 

$

(4,208,462

)

$

(5,934,668

)

$

(2,627,734

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

(516

)

(12,628

)

1,978

 

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

397,440

 

281,539

 

123,964

 

 

 

 

 

 

 

 

 

Other

 

65,932

 

548,623

 

(18,022

)

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

(216,339

)

(85,277

)

 

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(384,287

)

(157,709

)

(113,713

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

1,868,297

 

3,206,031

 

1,623,633

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

49,969

 

(21,138

)

56,783

 

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2006

 

$

(2,427,966

)

$

(2,175,227

)

$

(953,111

)

 

F-257



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2007 is reconciled as follows:

 

 

 

Series 34

 

Series 35

 

Series 36

 

Net income (loss) for financial reporting purposes

 

$

(3,857,900

)

$

(2,366,309

)

$

(2,207,906

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

(16

)

(131

)

(4,303

)

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

293,196

 

138,360

 

160,599

 

 

 

 

 

 

 

 

 

Other

 

320,683

 

(27,490

)

(282,747

)

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

 

(134,193

)

(383,113

)

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(171,466

)

(227,129

)

(79,042

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

1,719,140

 

1,344,664

 

1,355,286

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

11,472

 

(36,771

)

101,775

 

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2006

 

$

(1,684,891

)

$

(1,308,999

)

$

(1,339,451

)

 

F-258



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2007 is reconciled as follows:

 

 

 

Series 37

 

Series 38

 

Series 39

 

Net income (loss) for financial reporting purposes

 

$

(1,477,871

)

$

(1,510,973

)

$

(1,538,626

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

(4,727

)

(5,725

)

 

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

139,864

 

114,400

 

21,800

 

 

 

 

 

 

 

 

 

Other

 

(32,983

)

16,250

 

809

 

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

 

 

 

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(216,951

)

(177,582

)

(184,103

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

118,300

 

713,167

 

619,347

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(72,972

)

60,173

 

90,503

 

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2006

 

$

(1,547,340

)

$

(790,290

)

$

(990,270

)

 

F-259



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2007 is reconciled as follows:

 

 

 

Series 40

 

Series 41

 

Series 42

 

Net income (loss) for financial reporting purposes

 

$

(2,177,601

)

$

(2,288,843

)

$

(2,002,788

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

1,545

 

504

 

1,130

 

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

160,018

 

274,440

 

252,320

 

 

 

 

 

 

 

 

 

Other

 

66,162

 

(371,884

)

4,923

 

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

 

(20,986

)

(37,474

)

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(207,184

)

(359,436

)

(119,870

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

898,784

 

599,094

 

433,210

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(3,560

)

11,322

 

(489,737

)

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2006

 

$

(1,261,836

)

$

(2,155,789

)

$

(1,958,286

)

 

F-260



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2007 is reconciled as follows:

 

 

 

Series 43

 

Series 44

 

Series 45

 

Net income (loss) for financial reporting purposes

 

$

(1,885,910

)

$

(1,993,000

)

$

(2,082,580

)

 

 

 

 

 

 

 

 

Operating limited partnership rents received in advance

 

(55

)

565

 

(5,395

)

 

 

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

66,780

 

59,701

 

67,737

 

 

 

 

 

 

 

 

 

Other

 

(494,346

)

770,939

 

(977,379

)

 

 

 

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

 

 

(36,853

)

 

 

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(273,055

)

(357,490

)

(788,160

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

87,740

 

 

137,743

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(122,367

)

(473,497

)

51,550

 

 

 

 

 

 

 

 

 

Income (loss) for tax return purposes, December 31, 2006

 

$

(2,621,213

)

$

(1,992,782

)

$

(3,633,337

)

 

F-261



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

For income tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2007 is reconciled as follows:

 

 

 

Series 46

 

Net income (loss) for financial reporting purposes

 

$

(1,071,510

)

 

 

 

 

Operating limited partnership rents received in advance

 

 

 

 

 

 

Accrued partnership fund management fee not deducted (deducted) for income tax purposes

 

45,135

 

 

 

 

 

Other

 

124,721

 

 

 

 

 

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting

 

 

 

 

 

 

Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(521,469

)

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(243,702

)

 

 

 

 

Income (loss) for tax return purposes, December 31, 2006

 

$

(1,666,825

)

 

F-262



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

 

 

 

Total

 

Series 20

 

Series 21

 

Investments in operating limited partnerships - tax return December 31, 2007

 

$

264,144,053

 

$

(1,303,493

)

$

(777,470

)

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

24,493,632

 

2,633,955

 

3,204,873

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(140,676,987

)

(3,793,041

)

(666,047

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

978,267

 

570,617

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2008

 

(2,628,827

)

(286,158

)

(623,372

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

(474,116

)

 

(474,116

)

 

 

 

 

 

 

 

 

Other

 

61,907,538

 

3,382,308

 

(454,786

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

207,743,560

 

$

1,204,188

 

$

209,082

 

 

F-263



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

 

 

 

Series 22

 

Series 23

 

Series 24

 

Investments in operating limited partnerships - tax return December 31, 2007

 

$

1,046,711

 

$

5,469,911

 

$

3,151,414

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

3,369,598

 

1,781,543

 

1,837,828

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(6,111,730

)

(11,006,279

)

(5,286,247

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

223,537

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2008

 

(259,228

)

(179,850

)

(95,695

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

2,311,613

 

4,615,156

 

678,729

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

580,501

 

$

680,481

 

$

286,029

 

 

 

 

 

 

 

 

 

 

F-264



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

 

 

 

Series 25

 

Series 26

 

Series 27

 

Investments in operating limited partnerships - tax return December 31, 2007

 

$

7,792,948

 

$

11,201,965

 

$

7,201,191

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

3,029,341

 

2,032,408

 

1,105,069

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(9,396,676

)

(13,058,354

)

(6,264,745

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2008

 

(335,542

)

(123,194

)

(205,532

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

1,387,225

 

5,929,542

 

4,963,423

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

2,477,296

 

$

5,982,367

 

$

6,799,406

 

 

F-265



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

 

 

 

Series 28

 

Series 29

 

Series 30

 

Investments in operating limited partnerships - tax return December 31, 2007

 

$

16,459,230

 

$

9,749,901

 

$

6,562,457

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

54,408

 

665,121

 

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(13,382,883

)

(8,785,514

)

(4,872,930

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2008

 

(129,668

)

(265,241

)

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

2,523,883

 

2,142,201

 

2,652,135

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

5,524,970

 

$

3,506,468

 

$

4,341,662

 

 

F-266



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

 

 

 

Series 31

 

Series 32

 

Series 33

 

Investments in operating limited partnerships - tax return December 31, 2007

 

$

11,119,823

 

$

19,126,813

 

$

11,630,422

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

572,568

 

634,667

 

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(10,373,811

)

(12,003,111

)

(7,323,606

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

184,113

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2008

 

(125,347

)

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

4,628,802

 

800,161

 

1,899,194

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

5,822,035

 

$

8,742,643

 

$

6,206,010

 

 

F-267



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

 

 

 

Series 34

 

Series 35

 

Series 36

 

Investments in operating limited partnerships - tax return December 31, 2007

 

$

11,288,840

 

$

11,661,090

 

$

6,235,231

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

4,326

 

379,524

 

1,393,462

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(6,149,166

)

(5,089,550

)

(3,114,936

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

2,091,804

 

2,753,863

 

1,521,497

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

7,235,804

 

$

9,704,927

 

$

6,035,254

 

 

F-268



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

 

 

 

Series 37

 

Series 38

 

Series 39

 

Investments in operating limited partnerships - tax return December 31, 2007

 

$

9,779,395

 

$

10,779,531

 

$

9,422,707

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

 

 

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(1,834,640

)

(2,179,840

)

(1,882,991

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

1,164,383

 

2,029,315

 

1,035,467

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

9,109,138

 

$

10,629,006

 

$

8,575,183

 

 

F-269



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

 

 

 

Series 40

 

Series 41

 

Series 42

 

Investments in operating limited partnerships - tax return December 31, 2007

 

$

12,027,450

 

$

6,750,490

 

$

11,567,065

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

 

352,178

 

175,836

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(3,181,839

)

(1,623,226

)

(879,297

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

1,600,818

 

3,362,578

 

1,606,130

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

10,446,429

 

$

8,842,020

 

$

12,469,734

 

 

F-270



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

 

 

 

Series 43

 

Series 44

 

Series 45

 

Investments in operating limited partnerships - tax return December 31, 2007

 

$

15,535,356

 

$

11,090,902

 

$

21,782,466

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

532,614

 

653,715

 

80,598

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(830,828

)

(639,663

)

(841,622

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

1,350,827

 

2,253,245

 

1,695,850

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

16,587,969

 

$

13,358,199

 

$

22,717,292

 

 

F-271



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2008 are as follows:

 

 

 

Series 46

 

Investments in operating limited partnerships - tax return December 31, 2007

 

$

17,791,707

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(104,415

)

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2008

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

Other

 

1,982,175

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

19,669,467

 

 

F-272



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

 

 

 

Total

 

Series 20

 

Series 21

 

Investments in operating limited partnerships - tax return December 31, 2006

 

$

301,968,575

 

$

117,864

 

$

(389,290

)

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

25,060,845

 

1,840,414

 

11,469,456

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(119,419,547

)

(3,632,396

)

(666,047

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

978,267

 

570,617

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2007

 

(2,656,921

)

(286,158

)

(651,466

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

(474,116

)

 

(474,116

)

 

 

 

 

 

 

 

 

Other

 

42,666,167

 

1,856,306

 

(8,950,001

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

248,123,270

 

$

466,647

 

$

338,536

 

 

F-273



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

 

 

 

Series 22

 

Series 23

 

Series 24

 

Investments in operating limited partnerships - tax return December 31, 2006

 

$

2,310,705

 

$

7,149,993

 

$

4,488,600

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

2,247,844

 

643,361

 

1,113,789

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(6,093,987

)

(10,980,356

)

(5,679,147

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

223,537

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2007

 

(259,228

)

(179,850

)

(95,695

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

2,237,407

 

4,102,921

 

675,490

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

666,278

 

$

736,069

 

$

503,037

 

 

F-274



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

 

 

 

Series 25

 

Series 26

 

Series 27

 

Investments in operating limited partnerships - tax return December 31, 2006

 

$

9,473,603

 

$

12,485,256

 

$

7,857,946

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

2,058,927

 

1,357,174

 

1,144,901

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(9,235,100

)

(12,099,375

)

(5,178,455

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2007

 

(335,542

)

(123,194

)

(205,532

)

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

974,972

 

5,134,053

 

3,828,618

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

2,936,860

 

$

6,753,914

 

$

7,447,478

 

 

F-275



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

 

 

 

Series 28

 

Series 29

 

Series 30

 

Investments in operating limited partnerships - tax return December 31, 2006

 

$

17,702,676

 

$

11,866,201

 

$

7,313,076

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

35,156

 

351,867

 

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(11,225,213

)

(7,450,129

)

(3,792,834

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2007

 

(129,668

)

(265,241

)

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

2,286,936

 

1,719,111

 

2,235,357

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

8,669,887

 

$

6,221,809

 

$

5,755,599

 

 

F-276



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

 

 

 

Series 31

 

Series 32

 

Series 33

 

Investments in operating limited partnerships - tax return December 31, 2006

 

$

13,138,958

 

$

20,626,115

 

$

12,523,618

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

430,417

 

577,133

 

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(8,613,982

)

(10,672,972

)

(6,423,972

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

184,113

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2007

 

(125,347

)

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

4,278,689

 

1,290,255

 

1,773,349

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

9,108,735

 

$

12,004,644

 

$

7,872,995

 

 

F-277



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

 

 

 

Series 34

 

Series 35

 

Series 36

 

Investments in operating limited partnerships - tax return December 31, 2006

 

$

12,929,252

 

$

12,918,165

 

$

7,547,529

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

 

134,193

 

983,084

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(4,960,411

)

(3,329,717

)

(2,076,026

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

2,075,410

 

2,590,152

 

1,144,400

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

10,044,251

 

$

12,312,793

 

$

7,598,987

 

 

F-278



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

 

 

 

Series 37

 

Series 38

 

Series 39

 

Investments in operating limited partnerships - tax return December 31, 2006

 

$

10,928,170

 

$

11,484,450

 

$

10,089,439

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

 

 

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(1,411,181

)

(1,747,011

)

(968,363

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

1,248,805

 

1,825,885

 

1,027,667

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

10,765,794

 

$

11,563,324

 

$

10,148,743

 

 

F-279



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

 

 

 

Series 40

 

Series 41

 

Series 42

 

Investments in operating limited partnerships - tax return December 31, 2006

 

$

13,014,929

 

$

9,575,916

 

$

12,857,752

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

 

79,682

 

56,627

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(1,660,325

)

(863,855

)

(433,210

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

1,449,224

 

1,768,073

 

1,570,689

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

12,803,828

 

$

10,559,816

 

$

14,051,858

 

 

F-280



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

 

 

 

Series 43

 

Series 44

 

Series 45

 

Investments in operating limited partnerships - tax return December 31, 2006

 

$

17,275,540

 

$

14,744,033

 

$

23,434,769

 

 

 

 

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

215,258

 

265,828

 

55,734

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(87,740

)

 

(137,743

)

 

 

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

1,419,575

 

52,590

 

1,791,222

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

18,822,633

 

$

15,062,451

 

$

25,143,982

 

 

F-281



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:

 

 

 

Series 46

 

Investments in operating limited partnerships - tax return December 31, 2006

 

$

18,503,310

 

 

 

 

 

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

 

 

 

 

 

Historic tax credits - cumulative

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2007

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

 

 

 

 

 

Other

 

1,259,012

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

19,762,322

 

 

F-282



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE F - CASH EQUIVALENTS

 

On March 31, 2007, the fund purchased $2,100,000 of bonds and preferred stock under agreements for resale on April 2, 2007.  Interest is earned at a rate of 3.0% per annum.

 

Cash equivalents of $6,766,084 and $7,119,552 as of March 31, 2008 and 2007, respectively, include tax-exempt sweep accounts and money market accounts with interest rates ranging from 1.99% to 5.17% per annum.

 

NOTE G - CONCENTRATION OF CREDIT RISK

 

The fund maintains its cash and cash equivalent balances in several accounts in various financial institutions.  The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC) up to specified limits by each institution.  At times, the balances may exceed these insurance limits; however, the fund has not experienced any losses with respect to its balances in excess of FDIC or SIPC insurance.  Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2008.

 

NOTE H - CONTINGENCIES

 

San Diego/Fox Hollow, LP (Hollywood Palms Apts.) and its limited partner, BCP/Fox Hollow LLC (Plaintiff) filed a lawsuit against the former operating general partner and its affiliates for breaches of various agreements.  In December of 2004, a judgment was filed in the Superior Court of the State of California (San Diego County) awarding the plaintiffs the amount of $3,507,426 plus post-judgment interest at an annual rate of 10%.  The settlement included attorney’s fees for the plaintiffs in the amount of $1,125,000 plus $123,697 in costs.  The State Appeals Court upheld the judgment in the fourth quarter of 2006.  The investment general partner has been pursuing payment, and on April 21, 2008, the deficiency was settled though mediation for a total of $3,950,000.  The payment plan requires that cash payments of $1,650,000 be made within 200 days of Settlement, and the remaining $2,300,000 be paid over time, secured by the defendant’s interests in 8 real estate holdings.  To date $1,300,000 has been collected.

 

An affiliate of the investment general partner has funded emergency repairs to stabilize hillside soils and reinforce retaining walls.  The work will continue on an as needed basis. The Operating Partnership has asserted in court that the retaining wall was not constructed properly and has filed suit against the retaining wall contractor and the original general contractor of the property, who was replaced before completion of construction. The operating general partner is reviewing bids for the final stabilization work. During the fourth quarter of 2007, the case was settled in mediation for $2,001,000.  During the first quarter 2008, the Operating Partnership received $1,993,500 in damages to date.  The Operating Partnership is in the process of reimbursing the affiliate of the investment general partner for the funds they have advanced for the repairs.  The balance of the settlement held in reserves is anticipated to complete the necessary repairs and associated landscaping.

 

F-283



 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2008 and 2007

 

NOTE H - CONTINGENCIES (Continued)

 

Summerdale Partners LP, II (Summerdale Commons - Phase II) is a 108-unit property located in Atlanta, GA. In July 2007, the first mortgage lender notified the Operating Partnership that the Operating Partnership was in default due to the existence of liens and insufficient level of replacement reserves (based upon a physical needs assessment that the lender had commissioned). In August 2007, the first mortgage lender accelerated the debt, based on these defaults, although debt payments were at this time current.  In September 2007, the investment general partner and the Atlanta Housing Authority proposed a tentative plan to recapitalize and reposition the property.   This included substituting a Section 8 contract on 40% of the units for the existing Section 9 contract and identified $1.2 million in funding sources, $400,000 of which was to come from the replacement reserves held by the first mortgage lender.

 

The first mortgage lender rejected the proposal and proceeded to initiate a foreclosure by advertisement.  Although discussions were ongoing between the first and second mortgage lender regarding the potential purchase of the first mortgage debt, the first mortgage lender was unwilling to postpone the foreclosure sale, scheduled for December 4, 2007.

 

In order to prevent foreclosure sale from occurring, the Operating Partnership filed bankruptcy under Chapter 11 on December 3, 2007.  At the time of filing, the investment general partner believed that a viable Plan of Reorganization could be crafted, essentially similar to the recapitalization plan formulated in September 2007 and outlined above.  However, soon into the bankruptcy case, it became evident that the Authority was not willing to firmly commit to providing the subsidy upon which any viable Plan of Reorganization would depend.  Without the Authority’s firm commitment, the ability of the Operating Partnership to attract new capital to remediate the property’s condition disappeared.

 

The foreclosure sale occurred on February 5, 2008, with the first mortgage lender bidding in the property for $1,280,000. As a result of the foreclosure, the Operating Partnership lost future credits of $557,088 and will record recapture of $1,611,997 on its 2008 tax return. This represents estimated credits and recapture of $124 and $358, respectively, per 1,000 BACs.  In addition, an impairment loss in the amount of $594,947 was recorded to reduce the investment balance to zero, as of December 31, 2007.

 

F-284