Report of Independent Registered Public Accounting Firm

To the General Partner

BF Garden Tax Credit Fund IV L.P.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of BF Garden Tax Credit Fund IV L.P. – Series 20 through 46 (collectively, the “Partnership”), in total and for each series, as of March 31, 2024 and 2023, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership, in total and for each series, as of March 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Partnership in accordance with the U.S. federal security laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits of the financial statements provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

We have served as the Partnership’s auditor since 1994.


/s/ CohnReznick LLP

COHNREZNICK LLP

Bethesda, Maryland
June 21, 2024

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS

March 31, 2024 and 2023


	Total
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		69,012		508,245
Other assets		3,000		5,911

	$	72,012	$	514,156

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	1	$	1
Accounts payable - affiliates		3,129,031		7,035,500
Capital contributions payable		—		785

		3,129,032		7,036,286
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 83,651,080 issued and 82,874,653 outstanding for both years.		(6,696,272)		(7,446,921)
General partner		3,639,252		924,791

		(3,057,020)		(6,522,130)

	$	72,012	$	514,156

(Continued)

F-4

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BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 20
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,866,700 issued and 3,828,200 outstanding for both years.		(754,767)		(754,767)
General partner		754,767		754,767

		—		—

	$	—	$	—

(Continued)

F-5

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BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 21
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,892,700 issued and 1,879,500 outstanding for both years.		(898,231)		(898,231)
General partner		898,231		898,231

		—		—

	$	—	$	—

(continued)

F-6

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BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 22
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,564,400 issued and 2,550,145 outstanding for both years.		(2,448,362)		(2,448,362)
General partner		2,448,362		2,448,362

		—		—

	$	—	$	—

(continued)

F-7

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BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 23
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,336,727 issued and 3,303,327 outstanding for both years.		(224,264)		(224,264)
General partner		224,264		224,264

		—		—

	$	—	$	—

(continued)

F-8

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BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 24
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,169,878 issued and 2,150,053 outstanding for both years.		173,404		173,404
General partner		(173,404)		(173,404)

		—		—

	$	—	$	—

(continued)

F-9

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BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 25
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,026,109 issued and 3,016,809 outstanding for both years.		219,815		219,815
General partner		(219,815)		(219,815)

		—		—

	$	—	$	—

(continued)

F-10

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 26
	2023		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,995,900 issued and 3,926,374 outstanding for both years.		313,969		313,969
General partner		(313,969)		(313,969)

		—		—

	$	—	$	—

(continued)

F-11

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 27
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,460,700 issued and 2,431,350 outstanding for both years.		133,264		133,264
General partner		(133,264)		(133,264)

		—		—

	$	—	$	—

(continued)

F-12

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 28
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,000,738 issued and 3,979,139 outstanding for both years.		275,140		275,140
General partner		(275,140)		(275,140)

		—		—

	$	—	$	—

(continued)

F-13

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 29
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		47,146
Other assets		—		2,582

	$	—	$	49,728

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		3,113,302
Capital contributions payable		—		785

		—		3,114,087
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,991,800 issued and 3,911,725 outstanding for both years.		(2,341,163)		(2,695,068)
General partner		2,341,163		(369,291)

		—		(3,064,359)

	$	—	$	49,728

(continued)

F-14

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 30
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,651,000 issued and 2,621,200 outstanding for both years.		(883,119)		(883,119)
General partner		883,119		883,119

		—		—

	$	—	$	—

(continued)

F-15

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 31
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,417,857 issued and 4,375,757 outstanding for both years.		353,529		353,529
General partner		(353,529)		(353,529)

		—		—

	$	—	$	—

(continued)

F-16

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 32
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,754,198 issued and 4,706,298 outstanding for both years.		380,821		380,821
General partner		(380,821)		(380,821)

		—		—

	$	—	$	—

(continued)

F-17

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 33
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,636,533 issued and 2,605,833 outstanding for both years.		196,294		196,294
General partner		(196,294)		(196,294)

		—		—

	$	—	$	—

(continued)

F-18

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 34
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		5,372		31,891
Other assets		—		82

	$	5,372	$	31,973

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		2,589,252		2,506,760
Capital contributions payable		—		—

		2,589,252		2,506,760
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, 3,529,319 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,529,319 issued and 3,474,319 outstanding for both years.		(2,257,652)		(2,149,650)
General partner		(326,228)		(325,137)

		(2,583,880)		(2,474,787)

	$	5,372	$	31,973

(continued)

F-19

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 35
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,300,463 issued and 3,277,913 outstanding for both years.		223,088		223,088
General partner		(223,088)		(223,088)

		—		—

	$	—	$	—

(continued)

F-20

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 36
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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, 2,106,838 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,106,838 issued and 2,083,704 outstanding for both years.		148,221		148,221
General partner		(148,221)		(148,221)

		—		—

	$	—	$	—

(continued)

F-21

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 37
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,512,500 issued and 2,489,100 outstanding for both years.		205,359		205,359
General partner		(205,359)		(205,359)

		—		—

	$	—	$	—

(continued)

F-22

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 38
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,543,100 issued and 2,536,200 outstanding for both years.		188,889		188,889
General partner		(188,889)		(188,889)

		—		—

	$	—	$	—

(continued)

F-23

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 39
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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, 2,292,151 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,292,151 issued and 2,288,351 outstanding for both years.		196,043		196,043
General partner		(196,043)		(196,043)

		—		—

	$	—	$	—

(continued)

F-24

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 40
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,630,256 issued and 2,611,356 outstanding for both years.		216,900		216,900
General partner		(216,900)		(216,900)

		—		—

	$	—	$	—

(continued)

F-25

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 41
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,891,626 issued and 2,865,176 outstanding for both years.		(987,713)		(987,713)
General partner		987,713		987,713

		—		—

	$	—	$	—

(continued)

F-26

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 42
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,744,262 issued and 2,706,362 outstanding for both years.		216,680		216,680
General partner		(216,680)		(216,680)

		—		—

	$	—	$	—

(continued)

F-27

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 43
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,637,987 issued and 3,617,987 outstanding for both years.		306,854		306,854
General partner		(306,854)		(306,854)

		—		—

	$	—	$	—

(continued)

F-28

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 44
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		-
Other assets		—		—

	$	—	$	-

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,701,973 issued and 2,682,873 outstanding for both years.		207,874		207,874
General partner		(207,874)		(207,874)

		—		—

	$	—	$	—

(continued)

F-29

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 45
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—

	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	—	$	—
Accounts payable - affiliates		—		—
Capital contributions payable		—		—

		—		—
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,014,367 issued and 3,989,967 outstanding for both years.		348,522		348,522
General partner		(348,522)		(348,522)

		—		—

	$	—	$	—

(continued)

F-30

Table of Contents

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2024 and 2023


	Series 46
	2024		2023
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		63,640		429,208
Other assets		3,000		3,247

	$	66,640	$	432,455

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	1	$	1
Accounts payable - affiliates		539,779		1,415,438
Capital contributions payable		—		—

		539,780		1,415,439
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 issued to the assignees at March 31, 2024 and 2023		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,980,998 issued and 2,965,635 outstanding for both years.		(205,667)		(710,413)
General partner		(267,473)		(272,571)

		(473,140)		(982,984)

	$	66,640	$	432,455

(see notes to financial statements)

F-31

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS

Years ended March 31, 2024 and 2023


	Total
	2024		2023
Income
Interest income	$	11,789	$	9,113
Miscellaneous		33,106		162,575

		44,895		171,688

Gain on sale of operating limited partnerships		1,022,868		3,596,277

Expenses
Fund management fee		25,141		58,455
General and administrative expenses		213,182		282,915
Professional fees		71,209		71,795

		309,532		413,165

NET INCOME (LOSS)	$	758,231	$	3,354,800

Net income (loss) allocated to general partner	$	7,582	$	33,548

Net income (loss) allocated to limited partners	$	750,649	$	3,321,252

Net income (loss) per BAC	$	0.01	$	0.04

(continued)

F-32

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 20
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-33

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 21
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-34

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 22
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-35

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 23
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-36

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 24
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-37

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 25
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-38

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 26
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-39

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 27
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-40

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 28
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-41

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 29
	2024		2023
Income
Interest income	$	459	$	691
Miscellaneous		16,876		—

		17,335		691

Gain on sale of operating limited partnerships		430,628		—

Expenses
Fund management fee		—		1,512
General and administrative expenses		90,173		49,710
Professional fees		310		15,521

		90,483		66,743

NET INCOME (LOSS)	$	357,480	$	(66,052)

Net income (loss) allocated to general partner	$	3,575	$	(661)

Net income (loss) allocated to limited partners	$	353,905	$	(65,391)

Net income (loss) per BAC	$	0.09	$	(0.02)

(continued)

F-42

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 30
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-43

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 31
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-44

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 32
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-45

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 33
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-46

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 34
	2024		2023
Income
Interest income	$	233	$	486
Miscellaneous		—		—

		233		486

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		15,492		15,492
General and administrative expenses		62,536		38,897
Professional fees		31,298		14,321

		109,326		68,710

NET INCOME (LOSS)	$	(109,093)	$	(68,224)

Net income (loss) allocated to general partner	$	(1,091)	$	(682)

Net income (loss) allocated to limited partners	$	(108,002)	$	(67,542)

Net income (loss) per BAC	$	(0.03)	$	(0.02)

(continued)

F-47

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 35
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-48

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 36
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-49

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 37
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-50

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 38
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-51

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 39
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-52

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 40
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-53

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 41
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-54

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 42
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-55

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 43
	2024		2023
Income
Interest income	$	—	$	—
Miscellaneous		—		—

		—		—

Gain on sale of operating limited partnerships		—		—

Expenses
Fund management fee		—		—
General and administrative expenses		—		—
Professional fees		—		—

		—		—

NET INCOME (LOSS)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	—

Net income (loss) allocated to limited partners	$	—	$	—

Net income (loss) per BAC	$	—	$	—

(continued)

F-56

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 44
	2024		2023
Income
Interest income	$	—	$	437
Miscellaneous		—		81,588

		—		82,025

Gain on sale of operating limited partnerships		—		1,746,178

Expenses
Fund management fee		—		—
General and administrative expenses		—		72,685
Professional fees		—		298

		—		72,983

NET INCOME (LOSS)	$	—	$	1,755,220

Net income (loss) allocated to general partner	$	—	$	17,552

Net income (loss) allocated to limited partners	$	—	$	1,737,668

Net income (loss) per BAC	$	—	$	0.65

(continued)

F-57

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 45
	2024		2023
Income
Interest income	$	—	$	1,697
Miscellaneous		—		58,183

		—		59,880

Gain on sale of operating limited partnerships		—		1,411,858

Expenses
Fund management fee		—		4,846
General and administrative expenses		—		81,052
Professional fees		—		20,870

		—		106,768

NET INCOME (LOSS)	$	—	$	1,364,970

Net income (loss) allocated to general partner	$	—	$	13,650

Net income (loss) allocated to limited partners	$	—	$	1,351,320

Net income (loss) per BAC	$	—	$	0.34

(continued)

F-58

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 46
	2024		2023
Income
Interest income	$	11,097	$	5,802
Miscellaneous		16,230		22,804

		27,327		28,606

Gain on sale of operating limited partnerships		592,240		438,241

Expenses
Fund management fee		9,649		36,605
General and administrative expenses		60,473		40,571
Professional fees		39,601		20,785

		109,723		97,961

NET INCOME (LOSS)	$	509,844	$	368,886

Net income (loss) allocated to general partner	$	5,098	$	3,689

Net income (loss) allocated to limited partners	$	504,746	$	365,197

Net income (loss) per BAC	$	0.17	$	0.12

(see notes to financial statements)

F-59

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Years ended March 31, 2024 and 2023


	Limited		General
Total	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	(7,296,726)		891,243		(6,405,483)

Distributions		(3,471,447)		—		(3,471,447)

Net income (loss)		3,321,252		33,548		3,354,800

Partners’ capital (deficit), March 31, 2023		(7,446,921)		924,791		(6,522,130)

Contributions		—		2,706,879		2,706,879

Net income (loss)		750,649		7,582		758,231

Partners’ capital (deficit), March 31, 2024	$	(6,696,272)	$	3,639,252	$	(3,057,020)


	Limited		General
Series 20	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	(754,767)	$	754,767	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		(754,767)		754,767		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	(754,767)	$	754,767	$	—

(continued)

F-60

Table of Contents

BF Garden Tax Credit Fund IV L.P.

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

Years ended March 31, 2024 and 2023


	Limited		General
Series 21	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	(898,231)	$	898,231	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		(898,231)		898,231		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	(898,231)	$	898,231	$	—


	Limited		General
Series 22	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	(2,448,362)	$	2,448,362	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		(2,448,362)		2,448,362		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	(2,448,362)	$	2,448,362	$	—

(continued)

F-61

Table of Contents

BF Garden Tax Credit Fund IV L.P.

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

Years ended March 31, 2024 and 2023


	Limited		General
Series 23	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	(224,264)	$	224,264	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		(224,264)		224,264		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	(224,264)	$	224,264	$	—


	Limited		General
Series 24	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	173,404		(173,404)		—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		173,404		(173,404)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	173,404	$	(173,404)	$	—

(continued)

F-62

Table of Contents

BF Garden Tax Credit Fund IV L.P.

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

Years ended March 31, 2024 and 2023


	Limited		General
Series 25	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	219,815	$	(219,815)	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		219,815		(219,815)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	219,815	$	(219,815)	$	—


	Limited		General
Series 26	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	313,969	$	(313,969)	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		313,969		(313,969)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	313,969	$	(313,969)	$	—

(continued)

F-63

Table of Contents

BF Garden Tax Credit Fund IV L.P.

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

Years ended March 31, 2024 and 2023


	Limited		General
Series 27	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	133,264	$	(133,264)	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		133,264		(133,264)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	133,264	$	(133,264)	$	—


	Limited		General
Series 28	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	275,140	$	(275,140)	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		275,140		(275,140)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	275,140	$	(275,140)	$	—

(continued)

F-64

Table of Contents

BF Garden Tax Credit Fund IV L.P.

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

Years ended March 31, 2024 and 2023


	Limited		General
Series 29	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	(2,629,677)		(368,630)		(2,998,307)

Distributions		—		—		—

Net income (loss)		(65,391)		(661)		(66,052)

Partners’ capital (deficit), March 31, 2023		(2,695,068)		(369,291)		(3,064,359)

Contributions		—		2,706,879		2,706,879

Net income (loss)		353,905		3,575		357,480

Partners’ capital (deficit), March 31, 2024	$	(2,341,163)	$	2,341,163	$	—


	Limited		General
Series 30	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	(883,119)	$	883,119	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		(883,119)		883,119		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	(883,119)	$	883,119	$	—

(continued)

F-65

Table of Contents

BF Garden Tax Credit Fund IV L.P.

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

Years ended March 31, 2024 and 2023


	Limited		General
Series 31	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	353,529	$	(353,529)	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		353,529		(353,529)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	353,529	$	(353,529)	$	—


	Limited		General
Series 32	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	380,821		(380,821)		—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		380,821		(380,821)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	380,821	$	(380,821)	$	—

(continued)

F-66

Table of Contents

BF Garden Tax Credit Fund IV L.P.

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

Years ended March 31, 2024 and 2023


	Limited		General
Series 33	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	196,294		(196,294)		—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		196,294		(196,294)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	196,294	$	(196,294)	$	—


	Limited		General
Series 34	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	(2,082,108)		(324,455)		(2,406,563)

Distributions		—		—		—

Net income (loss)		(67,542)		(682)		(68,224)

Partners’ capital (deficit), March 31, 2023		(2,149,650)		(325,137)		(2,474,787)

Contributions		—		—		—

Net income (loss)		(108,002)		(1,091)		(109,093)

Partners’ capital (deficit), March 31, 2024	$	(2,257,652)	$	(326,228)	$	(2,583,880)

(continued)

F-67

Table of Contents

BF Garden Tax Credit Fund IV L.P.

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

Years ended March 31, 2024 and 2023


	Limited		General
Series 35	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	223,088	$	(223,088)	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		223,088		(223,088)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	223,088	$	(223,088)	$	—


	Limited		General
Series 36	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	148,221	$	(148,221)	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		148,221		(148,221)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	148,221	$	(148,221)	$	—

(continued)

F-68

Table of Contents

BF Garden Tax Credit Fund IV L.P.

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

Years ended March 31, 2024 and 2023


	Limited		General
Series 37	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	205,359	$	(205,359)	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		205,359		(205,359)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	205,359	$	(205,359)	$	—


	Limited		General
Series 38	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	188,889	$	(188,889)	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		188,889		(188,889)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	188,889	$	(188,889)	$	—

(continued)

F-69

Table of Contents

BF Garden Tax Credit Fund IV L.P.

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

Years ended March 31, 2024 and 2023


	Limited		General
Series 39	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	196,043	$	(196,043)	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		196,043		(196,043)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	196,043	$	(196,043)	$	—


	Limited		General
Series 40	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	216,900	$	(216,900)	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		216,900		(216,900)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	216,900	$	(216,900)	$	—

(continued)

F-70

Table of Contents

BF Garden Tax Credit Fund IV L.P.

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

Years ended March 31, 2024 and 2023


	Limited		General
Series 41	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	(987,713)		987,713		—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		(987,713)		987,713		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	(987,713)	$	987,713	$	—


	Limited		General
Series 42	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	216,680		(216,680)		—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		216,680		(216,680)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	216,680	$	(216,680)	$	—

(continued)

F-71

Table of Contents

BF Garden Tax Credit Fund IV L.P.

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

Years ended March 31, 2024 and 2023


	Limited		General
Series 43	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	306,854	$	(306,854)	$	—

Distributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2023		306,854		(306,854)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	306,854	$	(306,854)	$	—


	Limited		General
Series 44	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	1,427,661		(225,426)		1,202,235

Distributions		(2,957,455)		—		(2,957,455)

Net income (loss)		1,737,668		17,552		1,755,220

Partners’ capital (deficit), March 31, 2023		207,874		(207,874)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	207,874	$	(207,874)	$	—

(continued)

F-72

Table of Contents

BF Garden Tax Credit Fund IV L.P.

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

Years ended March 31, 2024 and 2023


	Limited		General
Series 45	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	(488,806)		(362,172)		(850,978)

Distributions		(513,992)		—		(513,992)

Net income (loss)		1,351,320		13,650		1,364,970

Partners’ capital (deficit), March 31, 2023		348,522		(348,522)		—

Contributions		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), March 31, 2024	$	348,522	$	(348,522)	$	—


	Limited		General
Series 46	partners		partner		Total
Partners’ capital (deficit), March 31, 2022	$	(1,075,610)		(276,260)		(1,351,870)

Distributions		—		—		—

Net income (loss)		365,197		3,689		368,886

Partners’ capital (deficit), March 31, 2023		(710,413)		(272,571)		(982,984)

Contributions		—		—		—

Net income (loss)		504,746		5,098		509,844

Partners’ capital (deficit), March 31, 2024	$	(205,667)	$	(267,473)	$	(473,140)

(see notes to financial statements)

F-73

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Years ended March 31, 2024 and 2023


	Total
	2024		2023
Cash flows from operating activities
Net income (loss)	$	758,231	$	3,354,800
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(1,022,868)		(3,596,277)
Changes in assets and liabilities
Other assets		2,911		377
Accounts payable, accrued expenses and other liabilities		—		1
Accounts payable - affiliates		(1,199,590)		(1,746,384)

Net cash used in operating activities		(1,461,316)		(1,987,483)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		1,022,083		3,596,277

Net cash provided by investing activities		1,022,083		3,596,277

Cash flows from financing activities
Distributions		—		(3,471,447)

Net cash used in financing activities		—		(3,471,447)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(439,233)		(1,862,653)

Cash and cash equivalents, beginning		508,245		2,370,898

Cash and cash equivalents, ending	$	69,012	$	508,245

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	2,706,879	$	—

(continued)

F-74

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 20
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-75

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 21
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-76

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 22
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-77

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 23
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-78

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 24
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-79

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 25
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-80

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 26
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-81

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 27
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-82

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 28
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-83

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 29
	2024		2023
Cash flows from operating activities
Net income (loss)	$	357,480	$	(66,052)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(430,628)		—
Changes in assets and liabilities
Other assets		2,582		(82)
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		(406,423)		4,512

Net cash used in operating activities		(476,989)		(61,622)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		429,843		—

Net cash provided by investing activities		429,843		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(47,146)		(61,622)

Cash and cash equivalents, beginning		47,146		108,768

Cash and cash equivalents, ending	$	—	$	47,146

Supplemental schedule of noncash investing and financing activities

The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	2,706,879	$	—

(continued)

F-84

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 30
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-85

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 31
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-86

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 32
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-87

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 33
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-88

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 34
	2024		2023
Cash flows from operating activities
Net income (loss)	$	(109,093)	$	(68,224)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		82		(82)
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		82,492		18,492

Net cash used in operating activities		(26,519)		(49,814)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(26,519)		(49,814)

Cash and cash equivalents, beginning		31,891		81,705

Cash and cash equivalents, ending	$	5,372	$	31,891

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-89

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 35
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-90

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 36
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-91

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 37
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-92

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 38
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-93

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 39
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-94

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 40
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

F-95

Table of Contents

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 41
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

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STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 42
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

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STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 43
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		—
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		—

Net cash used in operating activities		—		—

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		—

Net cash provided by investing activities		—		—

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—

Cash and cash equivalents, beginning		—		—

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

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STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 44
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	1,755,220
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		(1,746,178)
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		(28,269)

Net cash used in operating activities		—		(19,227)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		1,746,178

Net cash provided by investing activities		—		1,746,178

Cash flows from financing activities
Distributions		—		(2,957,455)

Net cash used in financing activities		—		(2,957,455)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		(1,230,504)

Cash and cash equivalents, beginning		—		1,230,504

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

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BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 45
	2024		2023
Cash flows from operating activities
Net income (loss)	$	—	$	1,364,970
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		—		(1,411,858)
Changes in assets and liabilities
Other assets		—		—
Accounts payable, accrued expenses and other liabilities		—		—
Accounts payable - affiliates		—		(1,138,508)

Net cash used in operating activities		—		(1,185,396)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		—		1,411,858

Net cash provided by investing activities		—		1,411,858

Cash flows from financing activities
Distributions		—		(513,992)

Net cash used in financing activities		—		(513,992)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		(287,530)

Cash and cash equivalents, beginning		—		287,530

Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities

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

(continued)

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STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2024 and 2023


	Series 46
	2024		2023
Cash flows from operating activities
Net income (loss)	$	509,844	$	368,886
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(592,240)		(438,241)
Changes in assets and liabilities
Other assets		247		541
Accounts payable, accrued expenses and other liabilities		—		1
Accounts payable - affiliates		(875,659)		(602,611)

Net cash used in operating activities		(957,808)		(671,424)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		592,240		438,241

Net cash provided by investing activities		592,240		438,241

Cash flows from financing activities
Distributions		—		—

Net cash used in financing activities		—		—

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(365,568)		(233,183)

Cash and cash equivalents, beginning		429,208		662,391

Cash and cash equivalents, ending	$	63,640	$	429,208

Supplemental schedule of noncash investing and financing activities

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

(see notes to financial statements)

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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

The BACs issued and outstanding in each series as of March 31, 2024 and 2023 are as follows:


	Issued		Outstanding
	2024	2023	2024	2023
Series 20	3,866,700	3,866,700	3,828,200	3,828,200
Series 21	1,892,700	1,892,700	1,879,500	1,879,500
Series 22	2,564,400	2,564,400	2,550,145	2,550,145
Series 23	3,336,727	3,336,727	3,303,327	3,303,327
Series 24	2,169,878	2,169,878	2,150,053	2,150,053
Series 25	3,026,109	3,026,109	3,016,809	3,016,809
Series 26	3,995,900	3,995,900	3,926,374	3,926,374
Series 27	2,460,700	2,460,700	2,431,350	2,431,350
Series 28	4,000,738	4,000,738	3,979,139	3,979,139
Series 29	3,991,800	3,991,800	3,911,725	3,911,725
Series 30	2,651,000	2,651,000	2,621,200	2,621,200
Series 31	4,417,857	4,417,857	4,375,757	4,375,757
Series 32	4,754,198	4,754,198	4,706,298	4,706,298
Series 33	2,636,533	2,636,533	2,605,833	2,605,833
Series 34	3,529,319	3,529,319	3,474,319	3,474,319
Series 35	3,300,463	3,300,463	3,277,913	3,277,913
Series 36	2,106,838	2,106,838	2,083,704	2,083,704
Series 37	2,512,500	2,512,500	2,489,100	2,489,100
Series 38	2,543,100	2,543,100	2,536,200	2,536,200
Series 39	2,292,151	2,292,151	2,288,351	2,288,351
Series 40	2,630,256	2,630,256	2,611,356	2,611,356
Series 41	2,891,626	2,891,626	2,865,176	2,865,176
Series 42	2,744,262	2,744,262	2,706,362	2,706,362
Series 43	3,637,987	3,637,987	3,617,987	3,617,987
Series 44	2,701,973	2,701,973	2,682,873	2,682,873
Series 45	4,014,367	4,014,367	3,989,967	3,989,967
Series 46	2,980,998	2,980,998	2,965,635	2,965,635
	83,651,080	83,651,080	82,874,653	82,874,653

Investments in Operating Limited Partnerships

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

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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

Investments in Operating Limited Partnerships (Continued)

The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships.

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The Fund records tax credit adjusters as a reduction in 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.

Prior to January 1, 1999, the Fund recorded acquisition costs as an increase in its investments in operating limited partnerships. These costs were 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.

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

The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements.

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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

Net Income (Loss) per Beneficial Assignee Certificate

Net income (loss) per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period. The weighted average number of units in each series at March 31, 2024 and 2023 are as follows:


	2024	2023
Series 20	3,828,200	3,828,200
Series 21	1,879,500	1,879,500
Series 22	2,550,145	2,550,145
Series 23	3,303,327	3,303,327
Series 24	2,150,053	2,150,053
Series 25	3,016,809	3,016,809
Series 26	3,926,374	3,926,374
Series 27	2,431,350	2,431,350
Series 28	3,979,139	3,979,139
Series 29	3,911,725	3,911,725
Series 30	2,621,200	2,621,200
Series 31	4,375,757	4,375,757
Series 32	4,706,298	4,706,298
Series 33	2,605,833	2,605,833
Series 34	3,474,319	3,474,319
Series 35	3,277,913	3,277,913
Series 36	2,083,704	2,083,704
Series 37	2,489,100	2,489,100
Series 38	2,536,200	2,536,200
Series 39	2,288,351	2,288,351
Series 40	2,611,356	2,611,356
Series 41	2,865,176	2,865,176
Series 42	2,706,362	2,706,362
Series 43	3,617,987	3,617,987
Series 44	2,682,873	2,682,873
Series 45	3,989,967	3,989,967
Series 46	2,965,635	2,965,635
	82,874,653	82,874,653

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.

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2024 and 2023, the Fund entered into several transactions with affiliates of the general partner and BF Garden Companion Limited Partnership as follows:

The Fund incurred an annual fund management fee to BF Garden Companion 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 certain asset management and reporting fees paid by the operating limited partnerships. The fund management fees earned and the reporting fees paid by the operating limited partners for the years ended March 2024 and 2023 are as follows:


			2024
					Fund Management Fee
					net of Asset
	Gross Fund		Asset Management		Management
	Management Fee		and Reporting Fee		and Reporting Fee
Series 20	$	—	$	—	$	—
Series 21		—		—		—
Series 22		—		—		—
Series 23		—		—		—
Series 24		—		—		—
Series 25		—		—		—
Series 26		—		—		—
Series 27		—		—		—
Series 28		—		—		—
Series 29		376		376		—
Series 30		—		—		—
Series 31		—		—		—
Series 32		—		—		—
Series 33		—		—		—
Series 34		18,492		3,000		15,492
Series 35		—		—		—
Series 36		—		—		—
Series 37		—		—		—
Series 38		—		—		—
Series 39		—		—		—
Series 40		—		—		—
Series 41		—		—		—
Series 42		—		—		—
Series 43		—		—		—
Series 44		—		—		—
Series 45		—		—		—
Series 46		39,482		29,833		9,649
	$	58,350	$	33,209	$	25,141

F-107

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE B - RELATED PARTY TRANSACTIONS (Continued)


			2023
					Fund Management Fee
					net of Asset
	Gross Fund		Asset Management and		Management
	Management Fee		Reporting Fee		and Reporting Fee
Series 20	$	—	$	—	$	—
Series 21		—		—		—
Series 22		—		—		—
Series 23		—		—		—
Series 24		—		—		—
Series 25		—		—		—
Series 26		—		—		—
Series 27		—		—		—
Series 28		—		—		—
Series 29		4,512		3,000		1,512
Series 30		—		—		—
Series 31		—		—		—
Series 32		—		—		—
Series 33		—		—		—
Series 34		18,492		3,000		15,492
Series 35		—		—		—
Series 36		—		—		—
Series 37		—		—		—
Series 38		—		—		—
Series 39		—		—		—
Series 40		—		—		—
Series 41		—		—		—
Series 42		—		—		—
Series 43		—		—		—
Series 44		2,645		2,645		—
Series 45		13,575		8,729		4,846
Series 46		73,704		37,099		36,605
	$	112,928	$	54,473	$	58,455

All fund management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership’s interests in operating limited partnerships. As of March 31, 2024 and 2023, total fund management fees accrued were $3,065,031 and $7,035,500, respectively.

During the year ended March 31, 2024 an affiliate of the General Partner made advances to the Fund totaling $64,000 to temporarily cover operating expenses of the Fund, all of which is outstanding as of March 31, 2024. The advances does not bear interest, are unsecured and are payable on demand.

An affiliate of the general partner has forgiven asset management fees payable as a result of the sales of all operating limited partnerships in one of the series. Total forgiveness of debt for the years ended March 31, 2024 and 2023 was $2,706,879 and $0, respectively. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

The fund management fees paid for the years ended March 31, 2024 and 2023, are as follows:


	2024		2023
Series 20	$	—	$	—
Series 21		—		—
Series 22		—		—
Series 23		—		—
Series 24		—		—
Series 25		—		—
Series 26		—		—
Series 27		—		—
Series 28		—		—
Series 29		406,799		—
Series 30		—		—
Series 31		—		—
Series 32		—		—
Series 33		—		—
Series 34		—		—
Series 35		—		—
Series 36		—		—
Series 37		—		—
Series 38		—		—
Series 39		—		—
Series 40		—		—
Series 41		—		—
Series 42		—		—
Series 43		—		—
Series 44		—		30,914
Series 45		—		1,152,083
Series 46		915,141		676,315
	$	1,321,940	$	1,859,312

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2024 and 2023, 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, 2024 and 2023 by series are as follows:


	2024	2023
Series 20	—	—
Series 21	—	—
Series 22	—	—
Series 23	—	—
Series 24	—	—
Series 25	—	—
Series 26	—	—
Series 27	—	—
Series 28	—	—
Series 29	—	1
Series 30	—	—
Series 31	—	—
Series 32	—	—
Series 33	—	—
Series 34	1	1
Series 35	—	—
Series 36	—	—
Series 37	—	—
Series 38	—	—
Series 39	—	—
Series 40	—	—
Series 41	—	—
Series 42	—	—
Series 43	—	—
Series 44	—	—
Series 45	—	—
Series 46	1	3
	2	5

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

During the year ended March 31, 2024 the Fund disposed of three Operating Partnerships. Gain on disposition is included in share of income (losses) from operating limited partnerships. A summary of the dispositions by Series for March 31, 2024 is as follows.


	Operating	Sale of	Partnership
	Partnership	Underlying	Partnership
	Interest	Operating	from		Gain on
	Transferred	Partnership	Disposition *		Disposition
Series 29	—	1		429,843		430,628
Series 34	—	—		—		—
Series 46	1	1		592,240		592,240
Total	1	2	$	1,022,083	$	1,022,868

* Fund proceeds from disposition does not include $785, which was due to a write - off of capital contributions payable as of March 31, 2024, for Series 29.

During the year ended March 31, 2023 the Fund disposed of nine Operating Partnerships. Gain on disposition is included in share of income (losses) from operating limited partnerships. A summary of the dispositions by Series for March 31, 2023 is as follows.



	Operating	Sale of	Partnership
	Partnership	Underlying	Proceeds
	Interest	Operating	from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 44	—	1		1,746,178		1,746,178
Series 45	2	2		1,411,858		1,411,858
Series 46	4	—		438,241		438,241
Total	6	3	$	3,596,277	$	3,596,277

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

F-111

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2024 and 2023, contributions are payable to operating limited partnerships as follows:


	2024		2023
Series 20	$	—	$	—
Series 21		—		—
Series 22		—		—
Series 23		—		—
Series 24		—		—
Series 25		—		—
Series 26		—		—
Series 27		—		—
Series 28		—		—
Series 29		—		785
Series 30		—		—
Series 31		—		—
Series 32		—		—
Series 33		—		—
Series 34		—		—
Series 35		—		—
Series 36		—		—
Series 37		—		—
Series 38		—		—
Series 39		—		—
Series 40		—		—
Series 41		—		—
Series 42		—		—
Series 43		—		—
Series 44		—		—
Series 45		—		—
Series 46		—		—
	$	—	$	785

F-112

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2024 are summarized as follows:


	Total		Series 20		Series 21

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	5,884,605	$	—	$	—

Acquisition costs of operating limited partnerships		288,550		—		—

Cumulative distributions from operating limited partnerships		(8,583)		—		—

Cumulative impairment loss in investments in operating limited partnerships		(3,408,346)		—		—

Cumulative losses from operating limited partnerships		(2,756,226)		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2024 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2023 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2024 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(288,550)		—		—

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, 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).		(968,940)		—		—

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

Cumulative impairment loss in investments in operating limited partnerships		3,408,346		—		—

Other		(114,274)		—		—

Equity per operating limited partnerships’ combined financial statements	$	2,036,582	$	—	$	—

F-113

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2024 are 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 and impairment of capitalized costs	$	—	$	—	$	—

Acquisition costs of operating limited partnerships		—		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Cumulative losses from operating limited partnerships		—		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2024 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2023 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2024 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Other		—		—		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	—	$	—

F-114

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2024 are 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 and impairment of capitalized costs	$	—	$	—	$	—

Acquisition costs of operating limited partnerships		—		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Cumulative losses from operating limited partnerships		—		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2024 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2023 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2024 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Other		—		—		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	—	$	—

F-115

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2024 are 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 and impairment of capitalized costs	$	—	$	—	$	—

Acquisition costs of operating limited partnerships		—		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Cumulative losses from operating limited partnerships		—		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2024 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2023 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2024 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Other		—		—		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	—	$	—

F-116

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2024 are 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 and impairment of capitalized costs	$	—	$	—	$	—

Acquisition costs of operating limited partnerships		—		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Cumulative losses from operating limited partnerships		—		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2024 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2023 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2024 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Other		—		—		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	—	$	—

F-117

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2024 are 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 and impairment of capitalized costs	$	2,097,333	$	—	$	—

Acquisition costs of operating limited partnerships		288,550		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		(833,360)		—		—

Cumulative losses from operating limited partnerships		(1,552,523)		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2024 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2023 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2024 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(288,550)		—		—

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, 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).		(285,464)		—		—

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

Cumulative impairment loss in investments in operating limited partnerships		833,360		—		—

Other		2		—		—

Equity per operating limited partnerships’ combined financial statements	$	259,348	$	—	$	—

F-118

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2024 are 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 and impairment of capitalized costs	$	—	$	—	$	—

Acquisition costs of operating limited partnerships		—		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Cumulative losses from operating limited partnerships		—		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2024 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2023 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2024 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Other		—		—		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	—	$	—

F-119

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2024 are 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 and impairment of capitalized costs	$	—	$	—	$	—

Acquisition costs of operating limited partnerships		—		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Cumulative losses from operating limited partnerships		—		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2024 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2023 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2024 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Other		—		—		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	—	$	—

F-120

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2024 are 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 and impairment of capitalized costs	$	—	$	—	$	—

Acquisition costs of operating limited partnerships		—		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Cumulative losses from operating limited partnerships		—		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2024 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2023 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2024 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Other		—		—		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	—	$	—

F-121

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2024 are summarized as follows:


	Series 46

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	3,787,272

Acquisition costs of operating limited partnerships		—

Cumulative distributions from operating limited partnerships		(8,583)

Cumulative impairment loss in investments in operating limited partnerships		(2,574,986)

Cumulative losses from operating limited partnerships		(1,203,703)

Investments in operating limited partnerships per balance sheet		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2024 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2023 (see note A).		—

The Fund has recorded acquisition costs at March 31, 2024 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		(683,476)

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

Cumulative impairment loss in investments in operating limited partnerships		2,574,986

Other		(114,276)

Equity per operating limited partnerships’ combined financial statements	$	1,777,234

F-122

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2023 are summarized as follows:


	Total		Series 20		Series 21

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	8,711,059	$	—	$	—

Acquisition costs of operating limited partnerships		389,379		—		—

Cumulative distributions from operating limited partnerships		(11,583)		—		—

Cumulative impairment loss in investments in operating limited partnerships		(4,986,236)		—		—

Cumulative losses from operating limited partnerships		(4,102,619)		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2022 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2023 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(288,550)		—		—

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		32,927		—		—

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,957,346)		—		—

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

Cumulative impairment loss in investments in operating limited partnerships		4,986,236		—		—

Other		(89,815)		—		—

Equity per operating limited partnerships’ combined financial statements	$	2,683,452	$	—	$	—

F-123

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2023 are 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 and impairment of capitalized costs	$	—	$	—	$	—

Acquisition costs of operating limited partnerships		—		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Cumulative losses from operating limited partnerships		—		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2022 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2023 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Other		—		—		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	—	$	—

F-124

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2023 are 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 and impairment of capitalized costs	$	—	$	—	$	—

Acquisition costs of operating limited partnerships		—		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Cumulative losses from operating limited partnerships		—		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2022 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2023 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Other		—		—		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	—	$	—

F-125

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2023 are 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 and impairment of capitalized costs	$	—	$	698,299	$	—

Acquisition costs of operating limited partnerships		—		100,829		—

Cumulative distributions from operating limited partnerships		—		(3,000)		—

Cumulative impairment loss in investments in operating limited partnerships		—		(286,415)		—

Cumulative losses from operating limited partnerships		—		(509,713)		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2022 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2023 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, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		—		32,927		—

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		—		(625,357)		—

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

Cumulative impairment loss in investments in operating limited partnerships		—		286,415		—

Other		—		(910)		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	(306,925)	$	—

F-126

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2023 are 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 and impairment of capitalized costs	$	—	$	—	$	—

Acquisition costs of operating limited partnerships		—		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Cumulative losses from operating limited partnerships		—		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2022 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2023 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Other		—		—		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	—	$	—

F-127

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2023 are 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 and impairment of capitalized costs	$	2,097,333	$	—	$	—

Acquisition costs of operating limited partnerships		288,550		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		(833,360)		—		—

Cumulative losses from operating limited partnerships		(1,552,523)		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2022 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2023 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(288,550)		—		—

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, 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).		(493,394)		—		—

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

Cumulative impairment loss in investments in operating limited partnerships		833,360		—		—

Other		2		—		—

Equity per operating limited partnerships’ combined financial statements	$	51,418	$	—	$	—

F-128

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2023 are 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 and impairment of capitalized costs	$	—	$	—	$	—

Acquisition costs of operating limited partnerships		—		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Cumulative losses from operating limited partnerships		—		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2022 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2023 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Other		—		—		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	—	$	—

F-129

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2023 are 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 and impairment of capitalized costs	$	—	$	—	$	—

Acquisition costs of operating limited partnerships		—		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Cumulative losses from operating limited partnerships		—		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2022 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2023 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Other		—		—		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	—	$	—

F-130

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2023 are 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 and impairment of capitalized costs	$	—	$	—	$	—

Acquisition costs of operating limited partnerships		—		—		—

Cumulative distributions from operating limited partnerships		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Cumulative losses from operating limited partnerships		—		—		—

Investments in operating limited partnerships per balance sheet		—		—		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2022 (see note A).		—		—		—

The Fund has recorded acquisition costs at March 31, 2023 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		—		—		—

Cumulative impairment loss in investments in operating limited partnerships		—		—		—

Other		—		—		—

Equity per operating limited partnerships’ combined financial statements	$	—	$	—	$	—

F-131

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2023 are summarized as follows:


	Series 46

Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	5,915,427

Acquisition costs of operating limited partnerships		—

Cumulative distributions from operating limited partnerships		(8,583)

Cumulative impairment loss in investments in operating limited partnerships		(3,866,461)

Cumulative losses from operating limited partnerships		(2,040,383)

Investments in operating limited partnerships per balance sheet		—

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2022 (see note A).		—

The Fund has recorded acquisition costs at March 31, 2023 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, which the operating limited partnerships have not included in their capital as of December 31, 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).		(838,595)

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

Cumulative impairment loss in investments in operating limited partnerships		3,866,461

Other		(88,907)

Equity per operating limited partnerships’ combined financial statements	$	2,938,959

F-132

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2023 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS


	Total		Series 20		Series 21
ASSETS

Buildings and improvements, net of accumulated depreciation	$	3,459,686	$	—	$	—
Land		450,873		—		—
Other assets		795,499		—		—

	$	4,706,058	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	2,770,353	$	—	$	—
Accounts payable and accrued expenses		79,640		—		—
Other liabilities		166,876		—		—

		3,016,869		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		2,036,582		—		—
Other partners		(347,393)		—		—

		1,689,189		—		—

	$	4,706,058	$	—	$	—

F-133

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2023 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 22		Series 23		Series 24
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	—	$	—
Land		—		—		—
Other assets		—		—		—

	$	—	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	—	$	—
Accounts payable and accrued expenses		—		—		—
Other liabilities		—		—		—

		—		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		—		—
Other partners		—		—		—

		—		—		—

	$	—	$	—	$	—

F-134

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2023 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 25		Series 26		Series 27
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	—	$	—
Land		—		—		—
Other assets		—		—		—

	$	—	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	—	$	—
Accounts payable and accrued expenses		—		—		—
Other liabilities		—		—		—

		—		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		—		—
Other partners		—		—		—

		—		—		—

	$	—	$	—	$	—

F-135

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2023 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 28		Series 29		Series 30
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	—	$	—
Land		—		—		—
Other assets		—		—		—

	$	—	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	—	$	—
Accounts payable and accrued expenses		—		—		—
Other liabilities		—		—		—

		—		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		—		—
Other partners		—		—		—

		—		—		—

	$	—	$	—	$	—

F-136

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2023 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 31		Series 32		Series 33
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	—	$	—
Land		—		—		—
Other assets		—		—		—

	$	—	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	—	$	—
Accounts payable and accrued expenses		—		—		—
Other liabilities		—		—		—

		—		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		—		—
Other partners		—		—		—

		—		—		—

	$	—	$	—	$	—

F-137

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2023 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 34		Series 35		Series 36
ASSETS

Buildings and improvements, net of accumulated depreciation	$	1,398,567	$	—	$	—
Land		142,576		—		—
Other assets		477,348		—		—

	$	2,018,491	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	1,563,977	$	—	$	—
Accounts payable and accrued expenses		56,913		—		—
Other liabilities		138,437		—		—

		1,759,327		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		259,348		—		—
Other partners		(184)		—		—

		259,164		—		—

	$	2,018,491	$	—	$	—

F-138

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2023 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 37		Series 38		Series 39
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	—	$	—
Land		—		—		—
Other assets		—		—		—

	$	—	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	—	$	—
Accounts payable and accrued expenses		—		—		—
Other liabilities		—		—		—

		—		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		—		—
Other partners		—		—		—

		—		—		—

	$	—	$	—	$	—

F-139

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2023 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 40		Series 41		Series 42
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	—	$	—
Land		—		—		—
Other assets		—		—		—

	$	—	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	—	$	—
Accounts payable and accrued expenses		—		—		—
Other liabilities		—		—		—

		—		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		—		—
Other partners		—		—		—

		—		—		—

	$	—	$	—	$	—

F-140

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2023 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 43		Series 44		Series 45
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	—	$	—
Land		—		—		—
Other assets		—		—		—

	$	—	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	—	$	—
Accounts payable and accrued expenses		—		—		—
Other liabilities		—		—		—

		—		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		—		—
Other partners		—		—		—

		—		—		—

	$	—	$	—	$	—

F-141

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2023 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 46
ASSETS

Buildings and improvements, net of accumulated depreciation	$	2,061,119
Land		308,297
Other assets		318,151

	$	2,687,567

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	1,206,376
Accounts payable and accrued expenses		22,727
Other liabilities		28,439

		1,257,542
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		1,777,234
Other partners		(347,209)

		1,430,025

	$	2,687,567

F-142

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2022 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS


	Total		Series 20		Series 21
ASSETS

Buildings and improvements, net of accumulated depreciation	$	6,700,678	$	—	$	—
Land		618,893		—		—
Other assets		1,427,057		—		—

	$	8,746,628	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	5,132,015	$	—	$	—
Accounts payable and accrued expenses		323,275		—		—
Other liabilities		920,087		—		—

		6,375,377		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		2,683,452		—		—
Other partners		(312,201)		—		—

		2,371,251		—		—

	$	8,746,628	$	—	$	—

F-143

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2022 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 22		Series 23		Series 24
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	—	$	—
Land		—		—		—
Other assets		—		—		—

	$	—	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	—	$	—
Accounts payable and accrued expenses		—		—		—
Other liabilities		—		—		—

		—		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		—		—
Other partners		—		—		—

		—		—		—

	$	—	$	—	$	—

F-144

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2022 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 25		Series 26		Series 27
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	—	$	—
Land		—		—		—
Other assets		—		—		—

	$	—	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	—	$	—
Accounts payable and accrued expenses		—		—		—
Other liabilities		—		—		—

		—		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		—		—
Other partners		—		—		—

		—		—		—

	$	—	$	—	$	—

F-145

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2022 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 28		Series 29		Series 30
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	462,481	$	—
Land		—		—		—
Other assets		—		153,850		—

	$	—	$	616,331	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	680,065	$	—
Accounts payable and accrued expenses		—		57,022		—
Other liabilities		—		422,843		—

		—		1,159,930		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		(306,925)		—
Other partners		—		(236,674)		—

		—		(543,599)		—

	$	—	$	616,331	$	—

F-146

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2022 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 31		Series 32		Series 33
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	—	$	—
Land		—		—		—
Other assets		—		—		—

	$	—	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	—	$	—
Accounts payable and accrued expenses		—		—		—
Other liabilities		—		—		—

		—		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		—		—
Other partners		—		—		—

		—		—		—

	$	—	$	—	$	—

F-147

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2022 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 34		Series 35		Series 36
ASSETS

Buildings and improvements, net of accumulated depreciation	$	1,487,388	$	—	$	—
Land		142,576		—		—
Other assets		281,647		—		—

	$	1,911,611	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	1,595,568	$	—	$	—
Accounts payable and accrued expenses		62,595		—		—
Other liabilities		202,235		—		—

		1,860,398		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		51,418		—		—
Other partners		(205)		—		—

		51,213		—		—

	$	1,911,611	$	—	$	—

F-148

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2022 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 37		Series 38		Series 39
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	—	$	—
Land		—		—		—
Other assets		—		—		—

	$	—	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	—	$	—
Accounts payable and accrued expenses		—		—		—
Other liabilities		—		—		—

		—		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		—		—
Other partners		—		—		—

		—		—		—

	$	—	$	—	$	—

F-149

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2022 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 40		Series 41		Series 42
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	—	$	—
Land		—		—		—
Other assets		—		—		—

	$	—	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	—	$	—
Accounts payable and accrued expenses		—		—		—
Other liabilities		—		—		—

		—		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		—		—
Other partners		—		—		—

		—		—		—

	$	—	$	—	$	—

F-150

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2022 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 43		Series 44		Series 45
ASSETS

Buildings and improvements, net of accumulated depreciation	$	—	$	—	$	—
Land		—		—		—
Other assets		—		—		—

	$	—	$	—	$	—

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	—	$	—	$	—
Accounts payable and accrued expenses		—		—		—
Other liabilities		—		—		—

		—		—		—
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		—		—		—
Other partners		—		—		—

		—		—		—

	$	—	$	—	$	—

F-151

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2022 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED


	Series 46
ASSETS

Buildings and improvements, net of accumulated depreciation	$	4,750,809
Land		476,317
Other assets		991,560

		6,218,686

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	2,856,382
Accounts payable and accrued expenses		203,658
Other liabilities		295,009

		3,355,049
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		2,938,959
Other partners		(75,322)

		2,863,637

	$	6,218,686

F-152

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2023 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2023 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Total		Series 20		Series 21
Revenue
Rent	$	1,394,559	$	—	$	—
Interest and other		30,409		—		—

		1,424,968		—		—
Expenses
Interest		133,481		—		—
Depreciation and amortization		254,955		—		—
Taxes and insurance		184,992		—		—
Repairs and maintenance		297,334		—		—
Operating expenses		388,188		—		—
Other expenses		6,357		—		—

		1,265,307		—		—

NET INCOME (LOSS)	$	159,661	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	159,645	$	—	$	—

Net income (loss) allocated to other partners	$	16	$	—	$	—

F-153

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 22		Series 23		Series 24
Revenue
Rent	$	—	$	—	$	—
Interest and other		—		—		—

		—		—		—
Expenses
Interest		—		—		—
Depreciation and amortization		—		—		—
Taxes and insurance		—		—		—
Repairs and maintenance		—		—		—
Operating expenses		—		—		—
Other expenses		—		—		—

		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—

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

Net income (loss) allocated to other partners	$	—	$	—	$	—

F-154

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 25		Series 26		Series 27
Revenue
Rent	$	—	$	—	$	—
Interest and other		—		—		—

		—		—		—
Expenses
Interest		—		—		—
Depreciation and amortization		—		—		—
Taxes and insurance		—		—		—
Repairs and maintenance		—		—		—
Operating expenses		—		—		—
Other expenses		—		—		—

		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—

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

Net income (loss) allocated to other partners	$	—	$	—	$	—

F-155

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 28		Series 29		Series 30
Revenue
Rent	$	—	$	—	$	—
Interest and other		—		—		—

		—		—		—
Expenses
Interest		—		—		—
Depreciation and amortization		—		—		—
Taxes and insurance		—		—		—
Repairs and maintenance		—		—		—
Operating expenses		—		—		—
Other expenses		—		—		—

		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—

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

Net income (loss) allocated to other partners	$	—	$	—	$	—

F-156

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 31		Series 32		Series 33
Revenue
Rent	$	—	$	—	$	—
Interest and other		—		—		—

		—		—		—
Expenses
Interest		—		—		—
Depreciation and amortization		—		—		—
Taxes and insurance		—		—		—
Repairs and maintenance		—		—		—
Operating expenses		—		—		—
Other expenses		—		—		—

		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—

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

Net income (loss) allocated to other partners	$	—	$	—	$	—

F-157

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 34		Series 35		Series 36
Revenue
Rent	$	766,876	$	—	$	—
Interest and other		17,503		—		—

		784,379		—		—
Expenses
Interest		82,364		—		—
Depreciation and amortization		88,821		—		—
Taxes and insurance		104,026		—		—
Repairs and maintenance		146,234		—		—
Operating expenses		154,983		—		—
Other expenses		—		—		—

		576,428		—		—

NET INCOME (LOSS)	$	207,951	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	207,930	$	—	$	—

Net income (loss) allocated to other partners	$	21	$	—	$	—

F-158

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 37		Series 38		Series 39
Revenue
Rent	$	—	$	—	$	—
Interest and other		—		—		—

		—		—		—
Expenses
Interest		—		—		—
Depreciation and amortization		—		—		—
Taxes and insurance		—		—		—
Repairs and maintenance		—		—		—
Operating expenses		—		—		—
Other expenses		—		—		—

		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—

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

Net income (loss) allocated to other partners	$	—	$	—	$	—

F-159

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 40		Series 41		Series 42
Revenue
Rent	$	—	$	—	$	—
Interest and other		—		—		—

		—		—		—
Expenses
Interest		—		—		—
Depreciation and amortization		—		—		—
Taxes and insurance		—		—		—
Repairs and maintenance		—		—		—
Operating expenses		—		—		—
Other expenses		—		—		—

		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—

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

Net income (loss) allocated to other partners	$	—	$	—	$	—

F-160

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 43		Series 44		Series 45
Revenue
Rent	$	—	$	—	$	—
Interest and other		—		—		—

		—		—		—
Expenses
Interest		—		—		—
Depreciation and amortization		—		—		—
Taxes and insurance		—		—		—
Repairs and maintenance		—		—		—
Operating expenses		—		—		—
Other expenses		—		—		—

		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—

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

Net income (loss) allocated to other partners	$	—	$	—	$	—

F-161

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 46
Revenue
Rent	$	627,683
Interest and other		12,906

		640,589
Expenses
Interest		51,117
Depreciation and amortization		166,134
Taxes and insurance		80,966
Repairs and maintenance		151,100
Operating expenses		233,205
Other expenses		6,357

		688,879

NET INCOME (LOSS)	$	(48,290)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(48,285)

Net income (loss) allocated to other partners	$	(5)

F-162

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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, 2022 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2022 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Total		Series 20		Series 21
Revenue
Rent	$	2,125,074	$	—	$	—
Interest and other		35,440		—		—

		2,160,514		—		—
Expenses
Interest		200,423		—		—
Depreciation and amortization		427,098		—		—
Taxes and insurance		290,078		—		—
Repairs and maintenance		505,005		—		—
Operating expenses		872,426		—		—
Other expenses		5,719		—		—

		2,300,749		—		—

NET INCOME (LOSS)	$	(140,235)	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(167,240)	$	—	$	—

Net income (loss) allocated to other partners	$	27,005	$	—	$	—

F-163

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 22		Series 23		Series 24
Revenue
Rent	$	—	$	—	$	—
Interest and other		—		—		—

		—		—		—
Expenses
Interest		—		—		—
Depreciation and amortization		—		—		—
Taxes and insurance		—		—		—
Repairs and maintenance		—		—		—
Operating expenses		—		—		—
Other expenses		—		—		—

		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—

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

Net income (loss) allocated to other partners	$	—	$	—	$	—

F-164

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 25		Series 26		Series 27
Revenue
Rent	$	—	$	—	$	—
Interest and other		—		—		—

		—		—		—
Expenses
Interest		—		—		—
Depreciation and amortization		—		—		—
Taxes and insurance		—		—		—
Repairs and maintenance		—		—		—
Operating expenses		—		—		—
Other expenses		—		—		—

		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—

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

Net income (loss) allocated to other partners	$	—	$	—	$	—

F-165

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 28		Series 29		Series 30
Revenue
Rent	$	—	$	403,321	$	—
Interest and other		—		—		—

		—		403,321		—
Expenses
Interest		—		26,119		—
Depreciation and amortization		—		54,308		—
Taxes and insurance		—		45,201		—
Repairs and maintenance		—		68,242		—
Operating expenses		—		260,066		—
Other expenses		—		—		—

		—		453,936		—

NET INCOME (LOSS)	$	—	$	(50,615)	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(50,109)	$	—

Net income (loss) allocated to other partners	$	—	$	(506)	$	—

F-166

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 31		Series 32		Series 33
Revenue
Rent	$	—	$	—	$	—
Interest and other		—		—		—

		—		—		—
Expenses
Interest		—		—		—
Depreciation and amortization		—		—		—
Taxes and insurance		—		—		—
Repairs and maintenance		—		—		—
Operating expenses		—		—		—
Other expenses		—		—		—

		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—

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

Net income (loss) allocated to other partners	$	—	$	—	$	—

F-167

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 34		Series 35		Series 36
Revenue
Rent	$	626,759	$	—	$	—
Interest and other		23,948		—		—

		650,707		—		—
Expenses
Interest		83,862		—		—
Depreciation and amortization		88,429		—		—
Taxes and insurance		101,842		—		—
Repairs and maintenance		197,528		—		—
Operating expenses		151,523		—		—
Other expenses		—		—		—

		623,184		—		—

NET INCOME (LOSS)	$	27,523	$	—	$	—

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

Net income (loss) allocated to other partners	$	27,523	$	—	$	—

F-168

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 37		Series 38		Series 39
Revenue
Rent	$	—	$	—	$	—
Interest and other		—		—		—

		—		—		—
Expenses
Interest		—		—		—
Depreciation and amortization		—		—		—
Taxes and insurance		—		—		—
Repairs and maintenance		—		—		—
Operating expenses		—		—		—
Other expenses		—		—		—

		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—

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

Net income (loss) allocated to other partners	$	—	$	—	$	—

F-169

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 40		Series 41		Series 42
Revenue
Rent	$	—	$	—	$	—
Interest and other		—		—		—

		—		—		—
Expenses
Interest		—		—		—
Depreciation and amortization		—		—		—
Taxes and insurance		—		—		—
Repairs and maintenance		—		—		—
Operating expenses		—		—		—
Other expenses		—		—		—

		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—

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

Net income (loss) allocated to other partners	$	—	$	—	$	—

F-170

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 43		Series 44		Series 45
Revenue
Rent	$	—	$	—	$	—
Interest and other		—		—		—

		—		—		—
Expenses
Interest		—		—		—
Depreciation and amortization		—		—		—
Taxes and insurance		—		—		—
Repairs and maintenance		—		—		—
Operating expenses		—		—		—
Other expenses		—		—		—

		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—

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

Net income (loss) allocated to other partners	$	—	$	—	$	—

F-171

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Series 46
Revenue
Rent	$	1,094,994
Interest and other		11,492

		1,106,486
Expenses
Interest		90,442
Depreciation and amortization		284,361
Taxes and insurance		143,035
Repairs and maintenance		239,235
Operating expenses		460,837
Other expenses		5,719

		1,223,629

NET INCOME (LOSS)	$	(117,143)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(117,131)

Net income (loss) allocated to other partners	$	(12)

F-172

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE D - 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, 2024 is reconciled as follows:


	Total		Series 20		Series 21
Net income (loss) for financial reporting purposes	$	758,231	$	—	$	—

Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(1,199,590)		—		—

Other		278,534		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		159,645		—		—

Excess of tax depreciation over book depreciation on operating limited partnership assets		25,146		—		—

Difference due to fiscal year for book purposes and calendar year for tax purposes		137,791		—		—

Income (loss) for tax return purposes, December 31, 2023	$	159,757	$	—	$	—


	Series 22		Series 23		Series 24
Net income (loss) for financial reporting purposes	$	—	$	—	$	—

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

Other		—		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		—		—

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

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

Income (loss) for tax return purposes, December 31, 2023	$	—	$	—	$	—

F-173

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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


	Series 25		Series 26		Series 27
Net income (loss) for financial reporting purposes	$	—	$	—	$	—

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

Other		—		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		—		—

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

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

Income (loss) for tax return purposes, December 31, 2023	$	—	$	—	$	—


	Series 28		Series 29		Series 30
Net income (loss) for financial reporting purposes	$	—	$	357,480	$	—

Accrued partnership fund management fee not deducted (deducted) for income tax purposes		—		(406,423)		—

Other		—		—		—

Operating limited partnership income (losses ) not recognized for financial reporting purposes under equity method of accounting		—		—		—

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

Difference due to fiscal year for book purposes and calendar year for tax purposes		—		639,644		—

Income (loss) for tax return purposes, December 31, 2023	$	—	$	590,701	$	—

F-174

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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


	Series 31		Series 32		Series 33
Net income (loss) for financial reporting purposes	$	—	$	—	$	—

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

Other		—		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		—		—

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

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

Income (loss) for tax return purposes, December 31, 2023	$	—	$	—	$	—


	Series 34		Series 35		Series 36
Net income (loss) for financial reporting purposes	$	(109,093)	$	—	$	—

Accrued partnership fund management fee not deducted (deducted) for income tax purposes		82,492		—		—

Other		40,313		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		207,930		—		—

Excess of tax depreciation over book depreciation on operating limited partnership assets		(23,546)		—		—

Difference due to fiscal year for book purposes and calendar year for tax purposes		(99,698)		—		—

Income (loss) for tax return purposes, December 31, 2023	$	98,398	$	—	$	—

F-175

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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


	Series 37		Series 38		Series 39
Net income (loss) for financial reporting purposes	$	—	$	—	$	—

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

Other		—		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		—		—

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

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

Income (loss) for tax return purposes, December 31, 2023	$	—	$	—	$	—


	Series 40		Series 41		Series 42
Net income (loss) for financial reporting purposes	$	—	$	—	$	—

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

Other		—		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		—		—

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

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

Income (loss) for tax return purposes, December 31, 2023	$	—	$	—	$	—

F-176

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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


	Series 43		Series 44		Series 45
Net income (loss) for financial reporting purposes	$	—	$	—	$	—

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

Other		—		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		—		—

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

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

Income (loss) for tax return purposes, December 31, 2023	$	—	$	—	$	—


	Series 46
Net income (loss) for financial reporting purposes	$	509,844

Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(875,659)

Other		238,221

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		(48,285)

Excess of tax depreciation over book depreciation on operating limited partnership assets		48,692

Difference due to fiscal year for book purposes and calendar year for tax purposes		(402,155)

Income (loss) for tax return purposes, December 31, 2023	$	(529,342)

F-177

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE D - 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, 2023 is reconciled as follows:


	Total		Series 20		Series 21
Net income (loss) for financial reporting purposes	$	3,354,800	$	—	$	—

Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(1,746,384)		—		—

Other		53,684		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		(167,240)		—		—

Excess of tax depreciation over book depreciation on operating limited partnership assets		(4,325)		—		—

Difference due to fiscal year for book purposes and calendar year for tax purposes		(6,186,233)		—		—

Income (loss) for tax return purposes, December 31, 2022	$	(4,695,698)	$	—	$	—


	Series 22		Series 23		Series 24
Net income (loss) for financial reporting purposes	$	—	$	—	$	—

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

Other		—		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		—		—

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

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

Income (loss) for tax return purposes, December 31, 2022	$	—	$	—	$	—

F-178

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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


	Series 25		Series 26		Series 27
Net income (loss) for financial reporting purposes	$	—	$	—	$	—

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

Other		—		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		—		—

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

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

Income (loss) for tax return purposes, December 31, 2022	$	—	$	—	$	—


	Series 28		Series 29		Series 30
Net income (loss) for financial reporting purposes	$	—	$	(66,052)	$	—

Accrued partnership fund management fee not deducted (deducted) for income tax purposes		—		4,512		—

Other		—		(149,010)		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		(50,109)		—

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

Difference due to fiscal year for book purposes and calendar year for tax purposes		—		(4,322)		—

Income (loss) for tax return purposes, December 31, 2022	$	—	$	(264,981)	$	—

F-179

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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


	Series 31		Series 32		Series 33
Net income (loss) for financial reporting purposes	$	—	$	—	$	—

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

Other		—		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		—		—

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

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

Income (loss) for tax return purposes, December 31, 2022	$	—	$	—	$	—


	Series 34		Series 35		Series 36
Net income (loss) for financial reporting purposes	$	(68,224)	$	—	$	—

Accrued partnership fund management fee not deducted (deducted) for income tax purposes		18,492		—		—

Other		45,919		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		—		—

Excess of tax depreciation over book depreciation on operating limited partnership assets		(23,819)		—		—

Difference due to fiscal year for book purposes and calendar year for tax purposes		(50,237)		—		—

Income (loss) for tax return purposes, December 31, 2022	$	(77,869)	$	—	$	—

F-180

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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


	Series 37		Series 38		Series 39
Net income (loss) for financial reporting purposes	$	—	$	—	$	—

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

Other		—		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		—		—

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

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

Income (loss) for tax return purposes, December 31, 2022	$	—	$	—	$	—


	Series 40		Series 41		Series 42
Net income (loss) for financial reporting purposes	$	—	$	—	$	—

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

Other		—		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		—		—

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

Difference due to fiscal year for book purposes and calendar year for tax purposes		—		1,406,552		(576,506)

Income (loss) for tax return purposes, December 31, 2022	$	—	$	1,406,552	$	(576,506)

F-181

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

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


	Series 43		Series 44		Series 45
Net income (loss) for financial reporting purposes	$	—	$	1,755,220	$	1,364,970

Accrued partnership fund management fee not deducted (deducted) for income tax purposes		—		(28,269)		(1,138,508)

Other		—		—		—

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		—		—		—

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

Difference due to fiscal year for book purposes and calendar year for tax purposes		—		(2,853,228)		(2,475,695)

Income (loss) for tax return purposes, December 31, 2022	$	—	$	(1,126,277)	$	(2,249,233)


	Series 46
Net income (loss) for financial reporting purposes	$	368,886

Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(602,611)

Other		156,775

Operating limited partnership income (losses) not recognized for financial reporting purposes under equity method of accounting		(117,131)

Excess of tax depreciation over book depreciation on operating limited partnership assets		19,494

Difference due to fiscal year for book purposes and calendar year for tax purposes		(1,632,797)

Income (loss) for tax return purposes, December 31, 2022	$	(1,807,384)

F-182

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BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE D - 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, 2024 are as follows:


	Total		Series 20		Series 21
Investments in operating limited partnerships - tax return December 31, 2023	$	1,392,179	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		968,940		—		—

Impairment loss in investment in operating limited partnerships		(3,408,346)		—		—

Less share of loss - three months ended March 31, 2024		—		—		—

Other		1,047,227		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2024 are as follows:


	Series 22		Series 23		Series 24
Investments in operating limited partnerships - tax return December 31, 2023	$	—	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		—		—

Impairment loss in investment in operating limited partnerships		—		—		—

Less share of loss - three months ended March 31, 2024		—		—		—

Other		—		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

F-183

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE D - 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, 2024 are as follows:


	Series 25		Series 26		Series 27
Investments in operating limited partnerships - tax return December 31, 2023	$	—	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		—		—

Impairment loss in investment in operating limited partnerships		—		—		—

Less share of loss - three months ended March 31, 2024		—		—		—

Other		—		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2024 are as follows:


	Series 28		Series 29		Series 30
Investments in operating limited partnerships - tax return December 31, 2023	$	—	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		—		—

Impairment loss in investment in operating limited partnerships		—		—		—

Less share of loss - three months ended March 31, 2024		—		—		—

Other		—		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

F-184

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE D - 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, 2024 are as follows:


	Series 31		Series 32		Series 33
Investments in operating limited partnerships - tax return December 31, 2023	$	—	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		—		—

Impairment loss in investment in operating limited partnerships		—		—		—

Less share of loss - three months ended March 31, 2024		—		—		—

Other		—		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2024 are as follows:


	Series 34		Series 35		Series 36
Investments in operating limited partnerships - tax return December 31, 2023	$	54,469	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		285,464		—		—

Impairment loss in investment in operating limited partnerships		(833,360)		—		—

Less share of loss - three months ended March 31, 2024		—		—		—

Other		493,427		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

F-185

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE D - 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, 2024 are as follows:


	Series 37		Series 38		Series 39
Investments in operating limited partnerships - tax return December 31, 2023	$	—	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		—		—

Impairment loss in investment in operating limited partnerships		—		—		—

Less share of loss - three months ended March 31, 2024		—		—		—

Other		—		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2024 are as follows:


	Series 40		Series 41		Series 42
Investments in operating limited partnerships - tax return December 31, 2023	$	—	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		—		—

Impairment loss in investment in operating limited partnerships		—		—		—

Less share of loss - three months ended March 31, 2024		—		—		—

Other		—		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

F-186

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE D - 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, 2024 are as follows:


	Series 43		Series 44		Series 45
Investments in operating limited partnerships - tax return December 31, 2023	$	—	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		—		—

Impairment loss in investment in operating limited partnerships		—		—		—

Less share of loss - three months ended March 31, 2024		—		—		—

Other		—		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2024 are as follows:


	Series 46
Investments in operating limited partnerships - tax return December 31, 2023	$	1,337,710

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		683,476

Impairment loss in investment in operating limited partnerships		(2,574,986)

Less share of loss - three months ended March 31, 2024		—

Other		553,800

Investments in operating limited partnerships - as reported	$	—

F-187

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE D - 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, 2023 are as follows:


	Total		Series 20		Series 21
Investments in operating limited partnerships - tax return December 31, 2022	$	794,573	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,957,346		—		—

Impairment loss in investment in operating limited partnerships		(4,986,236)		—		—

Less share of loss - three months ended March 31, 2023		(32,927)		—		—

Other		2,267,244		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2023 are as follows:


	Series 22		Series 23		Series 24
Investments in operating limited partnerships - tax return December 31, 2022	$	—	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		—		—

Impairment loss in investment in operating limited partnerships		—		—		—

Less share of loss - three months ended March 31, 2023		—		—		—

Other		—		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

F-188

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE D - 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, 2023 are as follows:


	Series 25		Series 26		Series 27
Investments in operating limited partnerships - tax return December 31, 2022	$	—	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		—		—

Impairment loss in investment in operating limited partnerships		—		—		—

Less share of loss - three months ended March 31, 2023		—		—		—

Other		—		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2023 are as follows:


	Series 28		Series 29		Series 30
Investments in operating limited partnerships - tax return December 31, 2022	$	—	$	(750,492)	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		625,357		—

Impairment loss in investment in operating limited partnerships		—		(286,415)		—

Less share of loss - three months ended March 31, 2023		—		(32,927)		—

Other		—		444,477		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

F-189

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE D - 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, 2023 are as follows:


	Series 31		Series 32		Series 33
Investments in operating limited partnerships - tax return December 31, 2022	$	—	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		—		—

Impairment loss in investment in operating limited partnerships		—		—		—

Less share of loss - three months ended March 31, 2023		—		—		—

Other		—		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2023 are as follows:


	Series 34		Series 35		Series 36
Investments in operating limited partnerships - tax return December 31, 2022	$	(179,187)	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		493,394		—		—

Impairment loss in investment in operating limited partnerships		(833,360)		—		—

Less share of loss - three months ended March 31, 2023		—		—		—

Other		519,153		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

F-190

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE D - 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, 2023 are as follows:


	Series 37		Series 38		Series 39
Investments in operating limited partnerships - tax return December 31, 2022	$	—	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		—		—

Impairment loss in investment in operating limited partnerships		—		—		—

Less share of loss - three months ended March 31, 2023		—		—		—

Other		—		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2023 are as follows:


	Series 40		Series 41		Series 42
Investments in operating limited partnerships - tax return December 31, 2022	$	—	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		—		—

Impairment loss in investment in operating limited partnerships		—		—		—

Less share of loss - three months ended March 31, 2023		—		—		—

Other		—		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

F-191

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2024 and 2023

NOTE D - 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, 2023 are as follows:


	Series 43		Series 44		Series 45
Investments in operating limited partnerships - tax return December 31, 2022	$	—	$	—	$	—

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		—		—		—

Impairment loss in investment in operating limited partnerships		—		—		—

Less share of loss - three months ended March 31, 2023		—		—		—

Other		—		—		—

Investments in operating limited partnerships - as reported	$	—	$	—	$	—

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2023 are as follows:


	Series 46
Investments in operating limited partnerships - tax return December 31, 2022	$	1,724,252

Operating limited partnership losses not recognized for financial reporting purposes under the equity method		838,595

Impairment loss in investment in operating limited partnerships		(3,866,461)

Less share of loss - three months ended March 31, 2023		—

Other		1,303,614

Investments in operating limited partnerships - as reported	$	—

NOTE E - CASH EQUIVALENTS

Cash equivalents of $58,410 and $491,976 as of March 31, 2024 and 2023, respectively, include money market accounts with interest rates ranging from 0.10% to 4.00% per annum.

NOTE F - 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) 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 insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2024.

F-192


		PAGE

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB No. 596)		F-3

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-74

	NOTES TO FINANCIAL STATEMENTS	F-102