SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
/X/ Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended September 30, 2003
/ / Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from _____ to _____
Commission file number: 0-16845
Fidelity Leasing Income Fund IV, L.P.
____________________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 23-2441780
____________________________________________________________________________
(State of organization) (I.R.S. Employer Identification No.)
1845 Walnut Street, Suite 1000, Philadelphia, Pennsylvania 19103
____________________________________________________________________________
(Address of principal executive offices) (Zip code)
(215) 574-1636
____________________________________________________________________________
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes __X__ No _____
Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Exchange Act). Yes _____ No __X__
Page 1 of 20
Part I: Financial Information
Item 1: Financial Statements
FIDELITY LEASING INCOME FUND IV, L.P.
BALANCE SHEETS
ASSETS
(Unaudited) (Audited)
September 30, December 31,
2003 2002
___________ ____________
Cash and cash equivalents $524,374 $ 737,755
Accounts receivable 16,672 31,965
Due from related parties 9,056 12,725
Net investment in direct
financing leases - 116,643
Equipment under operating leases
(net of accumulated depreciation
of $1,211,044 and $1,309,452,
respectively) 35,176 75,979
Equipment held for sale or lease - 31,623
________ __________
Total assets $585,278 $1,006,690
======== ==========
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Lease rents paid in advance $ 27,458 $ 27,432
Accounts payable and
accrued expenses 59,181 207,598
Due to related parties 12,649 11,768
________ __________
Total liabilities 99,288 246,798
Partners' capital 485,990 759,892
________ __________
Total liabilities and
partners' capital $585,278 $1,006,690
======== ==========
The accompanying notes are an integral part of these financial statements.
2
FIDELITY LEASING INCOME FUND IV, L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
2003 2002 2003 2002
____ ____ ____ ____
Income:
Rentals $44,439 $ 94,429 $220,891 $339,172
Earned income on direct
financing leases 53 5,054 2,249 21,461
Interest 3,307 4,395 12,153 12,450
Gain on sale of equipment, net - - 27,009 30,360
Other 1,440 1,672 2,560 2,937
_______ ________ ________ ________
49,239 105,550 264,862 406,380
_______ ________ ________ ________
Expenses:
Depreciation 8,096 51,114 40,803 186,782
General and administrative 43,882 10,982 154,677 34,554
General and administrative
to related party 4,617 11,345 25,450 31,799
Management fee to related
party 2,901 9,835 17,834 37,966
_______ ________ ________ ________
59,496 83,276 238,764 291,101
_______ ________ ________ ________
Net (loss) income ($10,257) $ 22,274 $ 26,098 $115,279
======= ======== ======== ========
Net (loss) income per equivalent
limited partnership unit $ (2.08) $ 2.45 $ 2.31 $ 13.22
======= ======== ======== ========
Weighted average number of
equivalent limited partner-
ship units outstanding
during the period 6,617 7,666 6,738 7,925
======= ======== ======== ========
The accompanying notes are an integral part of these financial statements.
3
FIDELITY LEASING INCOME FUND IV, L.P.
STATEMENT OF PARTNERS' CAPITAL
For the nine months ended September 30, 2003
(Unaudited)
General Limited Partners
Partner Units Amount Total
_______ _____ ______ _____
Balance, December 31, 2002 ($9,914) 41,334 $769,806 $759,892
Cash distributions (10,500) - (289,500) (300,000)
Net income 10,500 - 15,598 26,098
______ ______ ________ ________
Balance, September 30, 2003 ($9,914) 41,334 $495,904 $485,990
====== ====== ======== ========
The accompanying notes are an integral part of these financial statements.
4
FIDELITY LEASING INCOME FUND IV, L.P.
STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 2003 and 2002
(Unaudited)
2003 2002
________ ________
Cash flows from operating activities:
Net income $ 26,098 $ 115,279
________ __________
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 40,803 186,782
Gain on sale of equipment, net (27,009) (30,360)
(Increase) decrease in accounts receivable 15,293 64,309
(Increase) decrease in due from related
parties 3,669 4,204
Increase (decrease) in lease rents paid
in advance 26 (78)
Increase (decrease) in accounts payable and
accrued expenses (148,417) (38,879)
Increase (decrease) in due to related parties 881 (5,187)
________ __________
(114,754) 180,791
________ __________
Net cash provided by operating activities (88,656) 296,070
________ __________
Cash flows from investing activities:
Proceeds from direct financing leases,
net of earned income 116,643 343,303
Proceeds from sale of equipment 58,632 30,360
________ __________
Net cash (used in ) provided by
investing activities 175,275 373,663
________ __________
Cash flows from financing activities:
Distributions (300,000) (1,000,000)
________ __________
Net cash used in financing activities (300,000) (1,000,000)
________ __________
Increase (decrease) in cash and
cash equivalents (213,381) (330,267)
Cash and cash equivalents, beginning
of period 737,755 1,032,557
________ __________
Cash and cash equivalents, end of period $524,374 $ 702,290
======== ==========
The accompanying notes are an integral part of these financial statements.
5
FIDELITY LEASING INCOME FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2003
(Unaudited)
BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been
prepared by the Fund in accordance with accounting principles generally
accepted in the United States of America, pursuant to the rules and regu-
lations of the Securities and Exchange Commission. In the opinion of
Management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. These
condensed financial statements should be read with the audited financial
statements and notes thereto as of December 31, 2002 and for the year then
ended. The results for the nine months ended September 30, 2003 are not
necessarily indicative of the results that may be expected for the year
ended December 31, 2003.
1. RECENT ACCOUNTING PRONOUNCEMENTS
The Fund adopted FASB Interpretation 45 (FIN 45), "Guarantor's Account-
ing and Disclosure Requirements for Guarantees, including Indirect
Guarantees of Indebtedness of Others" on January 1, 2003. FIN 45 re-
quires a guarantor entity, at the inception of a guarantee covered by the
measurement provisions of the interpretation, to record a liability for
the fair value of the obligation undertaken in issuing the guarantee.
FIN 45 applies prospectively to guarantees the Fund issues or modifies
subsequent to December 31, 2002. The adoption of FIN 45 did not have
a material impact on the financial position or results of operations
of the Fund.
In January 2003, the FASB issued FIN 46 "Consolidation of Variable Interest
Entities." FIN 46 clarifies the application of Accounting Research
Bulletin 51, "Consolidated Financial Statements," for certain entities
that do not have sufficient equity at risk for the entity to finance its
activities without additional subordinated financial support from other
parties or in which equity investors do not have the characteristics of a
controlling financial interest ("variable interest entities"). Variable
interest entities within the scope of FIN 46 will be required to be con-
solidated by their primary beneficiary. The primary beneficiary of a
variable interest entity is determined to be the party that absorbs a
majority of the entity's expected losses, receives a majority of its ex-
pected returns, or both. FIN 46 applies immediately to variable interest
entities created after January 31, 2003, and to variable interest entities
in which an enterprise obtains an interest after that date. It applies in
the first fiscal year or interim period beginning after December 15, 2003,
to variable interest entities in which an enterprise holds a variable
6
FIDELITY LEASING INCOME FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
1. RECENT ACCOUNTING PRONOUNCEMENTS (continued)
interest that it acquired before February 1, 2003. The Fund is in the
process of determining what impact, if any, the adoption of the provisions
of FIN 46 will have upon its financial condition or results of operations.
The Fund does not anticipate FIN 46 to have a material impact on the
financial position or results of operations.
The Fund adopted Statement of Financial Accounting Standard 149 (SFAS
No. 149), "Amendment of Statement 133 on Derivative Instruments and
Hedging Activities," on July 1, 2003. SFAS No. 149 clarifies and amends
SFAS No. 133 for implementation issues raised by constituents or includes
the conclusions reached by the FASB on certain FASB Staff Implementation
Issues. SFAS No. 149 is effective for contracts entered into or modified
after June 30, 2003. The adoption of SFAS No. 149 did not have a material
impact on the Fund's financial position or results of operations.
The FASB issued SFAS No. 150, "Accounting for Certain Financial Instruments
with Characteristics of Both Liabilities and Equity," on May 15, 2003.
SFAS No. 150 changes the classification in the statement of financial
position of certain common financial instruments from either equity or
mezzanine presentation to liabilities and requires an issuer of those
financial statements to recognize changes in fair value or redemption
amount, as applicable, in earnings. SFAS No. 150 is effective for
public companies for financial instruments entered into or modified
after May 31, 2003 and is effective at the beginning of the first interim
period beginning after June 15, 2003. The adoption of SFAS No. 150 did
not have a material impact on the Fund's financial position or results
of operations
2. EQUIPMENT LEASED
The Fund had equipment leased under the direct financing method in
accordance with Statement of Financial Accounting Standards No. 13.
This method provides for recognition of income (the excess of the ag-
gregate future rentals and estimated unguaranteed residuals upon ex-
piration of the lease over the related equipment cost) over the life
of the lease using the interest method.
7
FIDELITY LEASING INCOME FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
2. EQUIPMENT LEASED (continued)
There was no investment in direct financing leases as of September 30,
2003. The net investment in direct financing leases as of December 31,
2002 is as follows:
December 31, 2002
(audited)
------------
Minimum lease payments to be received $119,000
Unearned residual income (2,000)
________
$117,000
========
The Fund also has equipment under operating leases. The Fund's operat-
ing leases are for initial lease terms of 17 to 58 months. Generally,
operating leases will not recover all of the undepreciated cost and re-
lated expenses of its rental equipment during the initial lease terms
and so, the Fund is prepared to remarket the equipment. Fund policy is
to review quarterly the expected economic life of its rental equipment
in order to determine the recoverability of its undepreciated cost.
Recent and anticipated technological developments affecting the equipment
and competitive factors in the marketplace are considered among other
things, as part of this review. In accordance with accounting principles
generally accepted in the United States of America, the Fund writes down
its rental equipment to its estimated net realizable value when the amounts
are reasonably estimated and only recognizes gains upon actual sale of its
rental equipment. There were no write-downs of equipment to net realizable
value recorded during the nine months ended September 30, 2003 and 2002.
The future approximate minimum rentals to be received on noncancel-
lable operating leases as of September 30, 2003 are as follows
(unaudited):
Years Ending December 31 Operating
________________________ _________
2003 $35,000
_______
$35,000
=======
3. RELATED PARTY TRANSACTIONS
The General Partner receives 6% of rental payments from equipment under
operating leases and 3% of rental payments (as opposed to unearned income)
on full pay-out leases for administrative and management services per-
formed on behalf of the Fund. Full pay-out leases are noncancellable
8
FIDELITY LEASING INCOME FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
3. RELATED PARTY TRANSACTIONS (continued)
leases with terms in excess of 42 months and for which rental payments
during the initial term are at least sufficient to recover the purchase
price of the equipment, including acquisition fees.
Additionally, the General Partner and its parent company are reimbursed
by the Fund for certain costs of services and materials used by or
for the Fund except those items covered by the above-mentioned fees.
Following is a summary of fees and costs of services and materials
charged by the General Partner or its parent company during the three
and nine months ended September 30, 2003 and 2002 (unaudited):
Three Months Ended Nine Months Ended
September 30 September 30
2003 2002 2003 2002
____ ____ ____ ____
Management fee $ 2,901 $ 9,835 $17,834 $37,966
Reimbursable costs 4,617 11,345 25,450 31,799
The Fund keeps its checking and investment accounts at The Bancorp Bank,
(TBB). The son and the spouse of the Chairman of Resource America,
Inc. are the Chairman and Chief Executive Officer, respectively, of TBB.
The Fund maintains a normal banking relationship with TBB.
Amounts due from related parties at September 30, 2003 and December 31,
2002 represent monies due the Fund from the General Partner and/or
other affiliated funds for rentals and sales proceeds collected and not
yet remitted to the Fund.
Amounts due to related parties at September 30, 2003 and December 31, 2002
represent monies due to the General Partner and/or its parent company
for the fees and costs mentioned above, as well as, rentals and sales
proceeds collected by the Fund on behalf of other affiliated funds.
4. CASH DISTRIBUTION
During the nine months ended September 30, 2003, the General Partner
declared and paid three cash distributions of $100,000 each for the
quarters ended December 31, 2002, March 31, 2003 and June 30, 2003.
During the nine months ended September 30, 2002, the General Partner
declared and paid a cash distribution of $800,000 for the quarter ended
December 31, 2001 and two cash distributions of $100,000 each for the
first two quarters of 2002.
The General Partner declared and paid a cash distribution of $100,000 in
November 2003 for the three months ended September 30, 2003, to all
admitted partners as of September 30, 2003.
9
FIDELITY LEASING INCOME FUND IV, L.P.
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Fidelity Leasing Income Fund IV, L.P. had revenues of $49,239 and
$105,550 for the three months ended September 30, 2003 and 2002, respec-
tively, and $264,862 and $406,380 for the nine months ended September 30,
2003 and 2002, respectively. Rental income from the leasing of equipment
and earned income on direct financing leases accounted for 90% and 94% of
total revenues for the three months ended September 30, 2003 and 2002,
respectively and 84% and 89% of total revenues for the nine months ended
September 30, 2003 and 2002, respectively. The decrease in revenues during the
first nine months of 2003 was primarily attributable to the decrease in rental
income on equipment under operating leases. In 2003, rental income decreased
by approximately $118,000 because of equipment that came off lease and renewed
at lower rental rates or terminated and was sold since September 2002.
Additionally, the decrease in earned income on direct financing leases also
contributed to the overall decrease in revenues during the nine months ended
September 30, 2003. The earned income on direct financing leases decreased in
2003 because of the normal monthly amortization of unearned income using the
interest method as well as the termination of certain direct financing leases
since January 2002.Furthermore, the decrease in net gain on sale of equipment
for the nine months ended September 30, 2003 also accounted for the overall
decrease in revenues in 2003. The Fund recognized $27,009 and $30,360 of net
gain on sale of equipment during the first nine months of 2003 and 2002,
respectively.
Expenses were $59,496 and $83,276 during the three months ended
September 30, 2003 and 2002, respectively and $238,764 and $291,101 during
the nine months ended September 30, 2003 and 2002, respectively. Depreciation
expense comprised 14% and 61% of total expenses for the third quarter of
2003 and 2002, respectively and 17% and 64% of total expenses for the first
nine months of 2003 and 2002, respectively. The decrease in expenses in
2003 was primarily caused by the decrease in depreciation expense resulting
from equipment that terminated and was sold during 2002 and 2003. Additional-
ly general and administrative expense to related party decreased in 2003
because of the decrease in costs incurred by the General Partner to manage
the Fund on a daily basis. Furthermore, management fee to related party
decreased during the first nine months of 2003 as a direct result of the
decrease in rental income on equipment under operating leases and rentals
earned on direct financing leases during this period. The decrease in these
accounts also contributed to the decrease in total expenses in 2003. However,
the overall decrease in expenses was reduced by the increase in general and
administrative expense during the nine months ended September 30, 2003. The
increase in general and administrative expense was primarily attributable to
$129,000 of filing fees recorded for the state of New Jersey. The state of
New Jersey enacted new legislation in 2002 that requires a partnership to pay
a per partner filing fee to the state with its tax return.
10
FIDELITY LEASING INCOME FUND IV, L.P.
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (Continued)
RESULTS OF OPERATIONS (continued)
For the three months ended September 30, 2003 and 2002, the Fund had net
(loss) income of ($10,257) and $22,274, respectively. For the nine months
ended September 30, 2003 and 2002, the Fund had net income of $26,098 and
$115,279, respectively. The (loss) earnings per equivalent limited partner-
ship unit, after (loss) earnings allocated to the General Partner were ($2.08)
and $2.45 based on a weighted average number of equivalent limited partnership
units outstanding of 6,617 and 7,666 for the three months ended September 30,
2003 and 2002, respectively. The earnings per equivalent limited partnership
unit, after earnings allocated to the General Partner were $2.31 and $13.22
based on a weighted average number of equivalent limited partnership units out-
standing of 6,738 and 7,925 for the nine months ended September 30, 2003
and 2002, respectively.
The Fund (used) generated cash from operations of ($2,161) and $73,388,
for the purpose of determining cash available for distribution, during the
third quarter of 2003 and 2002, respectively and the Fund distributed
$100,000 to partners in both November 2003 and 2002. For the nine months
ended September 30, 2003 and 2002, the Fund generated cash from operations
of $39,892 and $271,701, for the purpose of determining cash available for
distribution, and distributed $200,000 to partners during both the nine
months ended September 30, 2003 and 2002 and $100,000 to partners in both
November 2003 and 2002. A cash distribution of $100,000 was paid to partners
during the first quarter of 2003 for the quarter ended December 31, 2002.
For financial statement purposes, the Fund records cash distributions to
partners on a cash basis in the period in which they are paid
ANALYSIS OF FINANCIAL CONDITION
The Fund is currently in the process of dissolution. As provided in
the Restated Limited Partnership Agreement, the assets of the Fund shall be
liquidated as promptly as is consistent with obtaining their fair value.
The cash position of the Fund is reviewed daily and cash is invested on
a short-term basis.
The Fund's cash from operations is expected to continue to be adequate
to cover all operating expenses and contingencies through the dissolution of
the Fund.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
11
FIDELITY LEASING INCOME FUND IV, L.P.
Item 4: CONTROLS AND PROCEDURES
a) Evaluation of disclosure controls and procedures: Based on their
evaluation of the Fund's disclosure controls and procedures (as defined in
Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")),
the principal executive officer and principal financial officer of LEAF
Financial Corporation, the General Partner of the Fund, have concluded that
as of the end of the period covered by this Quarterly Report of Form 10-Q,
such disclosure controls and procedures are effective to ensure that infor-
mation required to be disclosed by the Fund in reports that it files or
submits under the Exchange Act is recorded, processed, summarized and re-
ported within the time periods specified in Securities and Exchange Commis-
sion rules and forms.
b) Changes in internal control over financial reporting: During the quarter
under report, there was no change in the Fund's internal control over financial
reporting that has materially affected, or is reasonably likely to materially
affect, the Fund's internal control over financial reporting.
12
FIDELITY LEASING INCOME FUND IV, L.P.
September 30, 2003
Part II: Other Information
Item 1. Legal Proceedings: Inapplicable.
Item 2. Changes in Securities: Inapplicable.
Item 3. Defaults Upon Senior Securities: Inapplicable.
Item 4. Submission of Matters to a Vote of Securities Holders: Inapplicable.
Item 5. Other Information: Inapplicable.
Item 6. Exhibits and Reports on Form 8-K:
a) Exhibit No. Description
----------- -----------
3(a) & 4 Amended and Restated Agreement of
Limited Partnership*
31.1 Rule 13a-14(a)/15d-14(a) Certification
31.2 Rule 13a-14(a)/15d-14(a) Certification
32.1 Section 1350 Certification
32.2 Section 1350 Certification
b) Reports on Form 8-K: None
*Incorporated by reference.
13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FIDELITY LEASING INCOME FUND IV, L.P.
11-14-03 By: /s/ Crit DeMent
____________________________
Crit DeMent
Chairman of the Board of Directors
of LEAF Financial Corporation
(Principal Executive Officer)
11-14-03 By: /s/ Marianne T. Schuster
____________________________
Marianne T. Schuster
Vice President of Accounting of
LEAF Financial Corporation
(Principal Financial Officer)
14
Exhibit 31.1
CERTIFICATIONS
I, Crit DeMent, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Fidelity Leasing
Income Fund IV, L.P.;
2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:
a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the ef-
fectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and
c) disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the registrant's most
recent fiscal quarter (the registrant's fourth quarter in the case of an annual
report) that has materially affected, or is reasonably likely to materially
affect, the registrant's internal controls over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal controls over financial re-
porting, to the registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls
over financial reporting.
15
CERTIFICATIONS (continued)
Date: November 14, 2003
/s/ Crit DeMent
____________________________
Crit DeMent
Chairman of the Board of Directors of LEAF Financial Corporation,
The General Partner
(Principal Executive Officer)
16
Exhibit 31.2
CERTIFICATIONS
I, Marianne T. Schuster, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Fidelity Leasing
Income Fund IV, L.P.;
2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:
a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the ef-
fectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and
c) disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the registrant's most
recent fiscal quarter (the registrant's fourth quarter in the case of an annual
report) that has materially affected, or is reasonably likely to materially
affect, the registrant's internal controls over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal controls over financial re-
porting, to the registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls
over financial reporting.
17
CERTIFICATIONS (continued)
Date: November 14, 2003
/s/ Marianne T. Schuster
____________________________
Marianne T. Schuster
Vice President of Accounting of LEAF Financial Corporation,
The General Partner
(Principal Financial Officer)
18
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Fidelity Leasing Income Fund IV,
L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2003 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Crit DeMent, Principal Executive Officer of LEAF Financial Corporation,
the General Partner of the Fund, certify, pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of opera-
tions of the Fund.
/s/ Crit DeMent
________________________
Crit DeMent
Principal Executive Officer of LEAF Financial Corporation
November 14, 2003
19
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Fidelity Leasing Income Fund IV,
L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2003 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Marianne T. Schuster, Principal Financial Officer of LEAF Financial Corpora-
tion, the General Partner of the Fund, certify, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002,
that:
(1) The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of opera-
tions of the Fund.
/s/ Marianne T. Schuster
________________________
Marianne T. Schuster
Principal Financial Officer of LEAF Financial Corporation
November 14, 2003
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