CSA INCOME FUND IV LIMITED PARTNERSHIP - 10-K Annual Report

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

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

For the fiscal year ended Commission file number 33-32744
December 31, 2001

CSA Income Fund IV Limited Partnership
(Exact name of registrant as specified in its charter)

Massachusetts No. 04-3072449
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)

22 Batterymarch St., Boston, MA 02109
(Address of principal executive Zip Code
offices)

Registrant's telephone number, including area code:(617)357-1700
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: 506,776
Units of Limited Partnership Interest

Indicate by check whether 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 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 if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [ X ]

Number of shares outstanding of each registrant's classes of
securities:

Number of Units
Title of Each Class at December 31, 2001
Units of Limited Partnership 506,776
Interest: $100 per unit

DOCUMENTS INCORPORATED BY REFERENCE
Portions of Part IV are incorporated by reference
to Amendment No. 1 to Form S-1 and Form S-1,
Registration No. 33-32744

The exhibit index is located on pages 18 and 19.

Part I
Item 1. Business

CSA Income Fund IV Limited Partnership (the "Partnership") is a limited
partnership organized under the provisions of the Massachusetts Uniform
Limited Partnership Act. The Partnership is composed of CSA Lease Funds,
Inc. (an affiliate of CSA Financial Corp.), the sole General Partner, and
as of December 31, 2001, 2,680 Limited Partners owning 506,776 Units of
Limited Partnership Interest of $100 each. The capital contributions of the
Partners aggregated $50,677,600. The Partnership was formed on December 21,
1989 and commenced operations on April 18, 1990.

The General Partner of CSA Income Fund IV Limited Partnership in 2001 started
the process of winding up the Partnership and expects to complete the wind-up
during 2002. As of December 31, 2001 the Partnership had fifty-four remaining
leases in its portfolio.

The Partnership was organized to engage in the business of acquiring income
producing equipment for investment. The Partnership's principal objectives
are:

1. To acquire and lease equipment, primarily through Operating Leases,
to generate income during their entire useful life;

2. To provide monthly distributions of cash to the Limited Partners
from leasing revenues and from the proceeds of sale or other
disposition of Partnership equipment;

3. To reinvest in additional equipment a portion of lease revenues and
a substantial portion of Cash From Sales and Refinancing during the
first years of the Partnership's operations.

The Partnership was formed primarily for investment purposes and not as a
"tax shelter".

The Partnership has no direct employees. The General Partner has full and
exclusive discretion in management and control of the Partnership.

Selection of the equipment for purchase and lease is based principally on the
General Partner's evaluation of the usefulness of the equipment in commercial
or industrial applications and its estimate of the potential demand for the
equipment at the end of the initial lease term.

The Partnership's equipment may include:

1. New and reconditioned computer peripheral equipment, computer terminal
systems and data processing systems manufactured by companies such as
Compaq Computer Corporation, Dell Computer Corporation, EMC Corporation
and International Business Machines, Inc. (IBM).

2. New telecommunications and telecomputer equipment consisting
primarily of private automated branch exchanges (PBX's), advanced
high-speed digital telephone switching devices, voice/data
transmission devices and telephone/computer networks as well as
telephone handsets and facsimile transmission products.

3. New office equipment consisting primarily of photocopying and
graphic processing equipment.

4. New highway transportation equipment and new and reconditioned
transportation equipment consisting primarily of tractors,
trailers, trucks, intermodal equipment, railroad rolling stock,
passenger vehicles and corporate or commercial aircraft.

5. Miscellaneous other types of equipment which meets the investment
objectives of the Partnership.

The equipment leasing industry is highly competitive. In initiating its
leasing transactions, the Partnership competes with leasing companies,
manufacturers that lease their products directly, equipment brokers, dealers
and financial institutions, including commercial banks and insurance
companies.Many competitors are larger than the Partnership and have access to
more favorable financing. Competitive factors in the equipment leasing
business primarily involve pricing and other financial arrangements.
Marketing capability is also a factor.

As of December 31, 2001, substantially all of the remaining equipment in the
Partnership's portfolio was leased under 54 separate leases to 35 lessees.
The lessees representing 10% of total revenues during 2001 were as
follows:
America Online Inc. 21%
America West Airlines, Inc. 17%
Tradepoint PLC. 14%
Cardservice International, Inc. 11%

As of December 31, 2001, approximately 11% of the Partnership's equipment
portfolio (based on cost) is leased outside the United States. The
Partnership's acquisition and leasing of equipment is described more
fully in Notes 3 and 4 to the Financial Statements included in Item 8.

Item 2. Properties

The Partnership neither owns nor leases office space or equipment for the
Purpose of managing its day-to-day affairs. The General Partner, CSA Lease
Funds, Inc.("CLF"), has exclusive control over all aspects of the business
of the Partnership, including provision of any necessary office space. As
such, CLF will be compensated through Management fees and reimbursement of
General and Administrative costs related to managing the Partnership's
business. Excluded from the allowable reimbursement to the General Partner,
however, will be any of the following: (1) Expenditures for
rent or utilities; and (2) Certain other administrative items.

Item 3. Legal Proceedings

The Partnership is not a party to any pending legal proceedings.

Item 4. Submission of Matters to a Vote of Security Holders

No matters were submitted to a vote of security holders, through the
solicitation of proxies or otherwise, during the fourth quarter of 2001.

PART II

Item 5. Market for the Registrant's Equity Securities and Related
Security Holder Matters

a. The Partnership's limited partnership interests are not publicly traded.
There is no active market for the Partnership's limited partnership
Interests and it is unlikely that one will develop. However, partners have
received offers to purchase their Limited Partnership units from third
parties. In such cases the General Partner has recommended the partner
should consult their Financial Advisors. If the partner still has
intentions of selling their units, the General Partner, through its
affiliate CSA Financial Corp.("CSA"), would be willing to make an offer.
In certain cases, CSA has purchased Partnership units.

b. Approximate Number of Equity Security Holders:

Title of Class Number of Limited Partners
Units of Limited Partnership Interests as of 12/31/01
506,776 2,680

Item 6. Selected Financial Data

The following table sets forth selected financial information regarding the
Partnership's financial position and operating results. The information
should be used in conjunction with the Financial Statements and Notes thereto,
and the General Partner's Discussion and Analysis of Financial Condition and
Results of Operations, which are included in Items 7 and 8 of this Report.

Years Ended December 31,
(IN THOUSANDS EXCEPT PER UNIT AMOUNTS)

2001 2000 1999 1998 1997
Total
Revenues $ 6,323 $10,808 $15,329 $16,987 $13,488

Net Income 578 1,049 1,250 2,671 2,716

Net Income
per Limited
Partnership
Unit 0.91 2.05 2.44 5.22 5.31

Total Assets 5,451 12,266 21,620 30,692 36,736

Notes Payable 317 2,285 8,186 15,204 20,923

Cash Distribution
per Limited
Partnership Unit
Outstanding $10.33 $8.83 $6.33 $ 6.00 $ 7.00

Item 7. General Partner's Discussion and Analysis of Financial
Condition and Results of Operations

Results of Operations
Rental income for the years ended December 31, 2001, 2000 and 1999 was
$6,501,299, $9,902,211, and $14,903,995, respectively. Net income for the
years ended December 31, 2001, 2000 and 1999 was $578,076, $1,048,500, and
$1,249,602, respectively. The decrease in rental income is primarily due to
lease expirations anticipated as the partnership approaches wind-up. Net
income was impacted by the sale of equipment from three (3) large computer
related equipment leases that expired during the fourth quarter of 2001. These
three leases from one lessee, originated in 1997, and contained approximately
$11,300,000 in original equipment cost. A significant portion of this
equipment was sold during the fourth quarter of 2001 resulting in a loss on
sale of this equipment of $561,917 primarily due to more rapid obsolescence
than originally anticipated. Overall, the sale of equipment during 2001
resulted in a loss of $347,139, as compared to a gain of $711,614, and $258,512,
for the years ended 2000 and 1999. Depreciation expense for 2001, 2000 and 1999
was $4,975,058, $8,056,432, and $11,508,608, respectively.

Interest income for 2001, 2000 and 1999 was $239,047, $209,433, and $158,617,
respectively. Interest expense was $74,425, $460,138, and $1,050,363 for the
years ended December 31, 2001, 2000, and 1999, respectively.

Liquidity and Capital Resources

During 2001, the Partnership generated $5,790,905 in cash flow from
Operations and $2,100,966 cash flow from the sale of equipment. The
Partnership utilized the majority of these funds to reduce outstanding
notes payable by $1,967,579 and make cash distributions of $5,289,579
to the Partners.

During, the year ended December 31, 2001, the Partnership purchased an
interest, as an interim lender, in a short-term investment secured by an
equipment lease obligation yielding 7.75% interest. During 2001, the
Partnership recorded approximately $192,000 in interest income related to this
investment. The Partnership's portion of the short-term loan participation
was repaid in full during the quarter ended March 31, 2002.

The General Partner of CSA Income Fund IV Limited Partnership in 2001 started
the process of winding up the Partnership and expects to complete the wind-up
during 2002. As of December 31, 2001 the Partnership had fifty-four remaining
leases in its portfolio.

The Partnership's liquidity is determined by cash from operations provided by
the leases currently in place. It is expected that this cash flow will be
sufficient to service outstanding debt, pay monthly distributions to the
partners and meet any other commitments and obligations which may arise in the
ordinary course of business.

To date, the Partnership has made cash distributions to the Limited Partners
ranging from 82% to 104% of their initial investment, depending on when the
Limited Partner entered the Partnership. The objective of the Partnership is
to return the Limited Partners' investment through current distributions and
provide a return on this investment by continued distributions.

During year 2001, CSA Income Fund IV Limited Partnership increased the monthly
distribution on October 15th from $.83 per unit to $1.00 per unit. Future
distributions will continue throughout the wind-up at which point a final larger
distribution may be expected.

Management reviews the Partnership's projected performance on a periodic basis.
Based on an analysis of the remaining assets in the Partnership's portfolio
Completed as part of the annual audit process, the General Partner presently
estimates that the continued cash distributions will return the entire initial
investment of the Limited Partners and a return thereon. The General Partner
will continue to report on the Limited Partners' return of investment with each
cash distribution.

Quarterly Financial Data - unaudited
Summarized unaudited quarterly financial data for the years ended December 31,
2001 and 2000 are as follows:

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

N/A

Item 8. Financial Statements

CSA Income Fund IV Limited Partnership

Index to Financial Statements

Page
Number

Independent Auditors' Report 8

Statements of Financial Position
as of December 31, 2001 and 2000 9

Statements for the Years Ended
December 31, 2001, 2000 and 1999:

Operations 10

Cash Flows 11

Changes in Partners' Capital (Deficit) 12

Notes to Financial Statements 13

INDEPENDENT AUDITORS' REPORT

To the Partners of CSA Income Fund IV Limited Partnership

We have audited the accompanying statements of financial position of CSA Income
Fund IV Limited Partnership as of December 31, 2001 and 2000, and the related
statements of operations, cash flows, and changes in partners' capital
(deficit) for the three years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

As discussed in note 1 to the financial statements, the Partnership is in its
wind-up phase as provided for in the Partnership Agreement and the General
Partner expects to complete the wind-up during calendar year 2002.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of CSA Income Fund IV Limited
Partnership as of December 31, 2001 and 2000, and the results of its operations
and its cash flows for the three years then ended in conformity with accounting
principles generally accepted in the United States of America.

Sullivan Bille, P.C.

Boston, Massachusetts
February 22, 2002

CSA INCOME FUND IV LIMITED PARTNERSHIP
Statements of Financial Position as of
December 31, 2001 and 2000
2001 2000

Asset
Cash and cash equivalents $1,999,033 $3,488,610
Short term investment 2,124,290 -
Rentals receivable 195,805 206,146
Remarketing Receivables - 578,038
Accounts receivable-affiliates 3,950 20,585

Rental equipment, at cost 18,678,320 38,993,398
Less accumulated depreciation (17,550,682) (31,020,635)

Net rental equipment 1,127,638 7,972,763

Total assets $ 5,450,716 $12,266,142
Liabilities and Partners' Capital
Accrued management fees $ 36,250 $ 116,621
Accounts payable 16,000 32,800
Deferred income 88,784 127,957
Notes payable 316,992 2,284,571

Total liabilities 458,026 2,561,949

Partners' capital:
General Partner:
Capital contribution 1,000 1,000
Cumulative net income 177,549 61,643
Cumulative cash distributions (484,665) (431,769)
(306,116) (369,126)
Limited Partners (506,776 units):
Capital contributions net of
offering costs 46,201,039 46,201,039
Cumulative net income 6,564,657 6,102,487
Cumulative cash distributions (47,466,890) (42,230,207)
5,298,806 10,073,319

Total partners' capital 4,992,690 9,704,193

Total liabilities and
partners' capital $ 5,450,716 $12,266,142

See accompanying notes to financial statements.

CSA INCOME FUND IV LIMITED PARTNERSHIP

Statements of Operations
for the years ended December 31, 2001, 2000 and 1999

2001 2000 1999

Revenue:
Rental income $ 6,501,299 $ 9,902,211 $14,903,995
Interest income 239,047 209,433 158,617
Gain (loss) on sale of
equipment (347,139) 711,614 258,512
Net gain (loss) on foreign
currency (69,924) (14,820) 7,861
Total revenue 6,323,283 10,808,438 15,328,985

Expenses:
Depreciation 4,975,058 8,056,432 11,508,608
Interest 74,425 460,138 1,050,363
Management fees 336,246 791,670 1,193,749
General and
administrative 359,478 451,698 326,663

Total expenses 5,745,207 9,759,938 14,079,383

Net income $ 578,076 $ 1,048,500 $ 1,249,602

Income allocation:
General Partner $ 115,906 $ 10,485 $ 12,496
Limited Partners 462,170 1,038,015 1,237,106

$ 578,076 $1,048,500 $ 1,249,602

Net income per
Limited Partnership
Unit $ 0.91 $ 2.05 $ 2.44

Number of
Limited Partnership
units outstanding 506,776 506,776 506,776

See accompanying notes to financial statements.

CSA INCOME FUND IV LIMITED PARTNERSHIP
Statements of Cash Flows for the
years ended December 31, 2001, 2000 and 1999

2001 2000 1999

Cash flows from operations:
Cash received from rental
of equipment $ 6,419,178 $10,199,943 $15,334,821
Cash paid for operating and
management expenses (792,895) (1,200,678) ( 1,617,216)
Interest paid (74,425) (471,700) ( 1,071,766)
Interest received 239,047 209,433 158,617

Net cash from operations 5,790,905 8,736,998 12,804,456

Cash flows from investments:
Short term investment (3,800,667) - -
Proceeds on Short term
Investment 1,676,377
Purchase of equipment - (1,142,310) (2,230,104)
Sale of equipment 2,100,966 2,637,214 2,805,158

Net cash provided by
(used for) investments (23,324) 1,494,904 575,054

Cash flows from financing:
Proceeds from notes payable - 485,038 3,192,141
Repayment of notes payable (1,967,579) (6,386,008) (10,210,436)
Payment of cash
distributions (5,289,579) (4,521,730) (3,242,000)
Net cash used for
financing (7,257,158) (10,422,700) (10,260,295)

Net change in cash and
cash equivalents (1,489,577) (190,798) 3,119,215

Cash and cash equivalents
at beginning of year 3,488,610 3,679,408 560,193

Cash and cash equivalents
at end of year $1,999,033 $3,488,610 $3,679,408

See accompanying notes to financial statements.

CSA INCOME FUND IV LIMITED PARTNERSHIP

Statement of Changes in Partners' Capital (Deficit)

For years ended December 31, 2001, 2000, and 1999

Limited General
Partners Partner Total

Balance at December 31, 1998 $15,484,293 $(314,472) $15,169,821

Net income 1,237,106 12,496 1,249,602

Cash distributions (3,209,580) ( 32,420) (3,242,000)

Balance at December 31, 1999 13,511,819 (334,396) 13,177,423

Net Income 1,038,015 10,485 1,048,500

Cash Distributions (4,476,515) (45,215) (4,521,730)

Balance at December 31, 2000 10,073,319 (369,126) 9,704,193

Net Income 462,170 115,906 578,076

Cash distributions (5,236,683) (52,896) (5,289,579)

Balance at December 31, 2001 $ 5,298,806 $ (306,116) $ 4,992,690

See accompanying notes to financial statements

CSA INCOME FUND IV LIMITED PARTNERSHIP
Notes to Financial Statements
December 31, 2001
(1) Organization

CSA Income Fund IV Limited Partnership ("the Partnership") was formed under
the Massachusetts Uniform Limited Partnership Act on December 21, 1989 with
an initial investment of $1,000, from its sole General Partner, CSA Lease
Funds, Inc. and the purchase of 10 Limited Partnership Units at $100 each by
an initial Limited Partner. The Partnership's primary activity is to invest
in equipment to be leased to third parties. On February 22, 1990, the
Partnership began its offering of Limited Partnership Units. The Partnership
commenced operations on April 18, 1990. As of December 31, 2001, the
Partnership has 506,776 units of Limited Partnership interest outstanding
representing aggregate capital contributions of $50,677,600.

The General Partner of CSA Income Fund IV Limited Partnership in 2001 started
the process of winding up the Partnership and expects to complete the wind-up
during 2002. As of December 31, 2001 the Partnership had fifty-four remaining
leases in its portfolio.

Distributable cash from operations, sales or refinancing and profits or losses
for federal income tax purposes are allocated 99% to the Limited Partners and
1% to the General Partner until Payout has occurred, and thereafter, 85% and
15% respectively. As provided by the Partnership Agreement, pursuant to Section
8.3 (c), accounting profits from the sale of equipment as part of the wind-up
of the Partnership are allocated to each partner first in an amount equal to
the negative balance in the Capital Account of each partner. During the year
2001 certain of these gains were allocated for accounting purposes to the
General Partner to reduce its Capital Account negative balance.

In accordance with the Partnership Agreement, the Partnership is liable to the
General Partner (or its affiliates) for management fees calculated at 5% of
gross rental revenues and to certain reimbursable operating expenses subject to
limitations stated in the Partnership Agreement. During 1994, the Limited
Partners approved an Amendment to the Partnership Agreement allowing for the
payment of Management Fees based on gross rental revenues on Sales Agency
leases.

(2) Significant Accounting Policies

The Partnership records are maintained on the accrual basis of accounting.

The Partnership accounts for equipment leases as operating leases; therefore,
rental income is reported when earned. Equipment purchases are depreciated on
a straight-line basis over the initial term of the lease to estimated
realizable value. On a periodic basis, the Partnership conducts a review of
the residual value of its equipment as compared to the estimated net realizable
values for such equipment upon expiration of the related lease. In connection
with this review , there were no residual value depreciation adjustments in
2001, 2000 or 1999.

Deferred income represents prepaid rentals received for active leases that are
recognized when earned.

No provision for income taxes has been made as the liability for such taxes is
that of the Partners rather than the Partnership. The Partnership's federal tax
return is prepared solely to arrive at the Partners' individual taxable income
or loss as reported on form K-1. Partnership taxable income in 2001, 2000 and
1999 was $1,456,716, $2,102,735, and $3,058,315, respectively. The differences
between Partnership taxable income and book income are primarily due to the
the difference between tax and book depreciation methods and the related
differences in the gain or loss on sales of equipment. Partnership taxable
income was greater in 2001 since accelerated depreciation for tax purposes
was applied in earlier years.

CSA INCOME FUND IV LIMITED PARTNERSHIP
Notes to Financial Statements

The Partnership considers investments with original maturities of three
months or less to be cash equivalents.

Short-term investment in 2001 represents an interest, as an interim lender, in
an investment secured by an equipment lease obligation and is reported at fair
and actual value.

The preparation of financial statements in conformity with generally accepted
accounting principles requires the General Partner to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities as of the date of the financial
statements and the reported amounts of revenue and expenses during the
reporting year. Actual results could differ from those estimates.

(3) Rental Equipment

The Partnership purchases equipment subject to existing leases either directly
from CSA Financial Corp. or the manufacturer. The purchase price to the
Partnership is equal to the lesser of fair market value or cost as adjusted, if
necessary, for rents received and carrying costs, plus an acquisition fee of 4%
of cost. In accordance with Section 6.4 (b) of the Partnership Agreement, the
total of all acquisition fees paid to the General Partner shall not exceed 15%
of the total Capital Contributions received by the Partnership. This lifetime
acquisition fee limit was met during 1996 and the General Partner is no longer
paid acquisition fees on any new Partnership equipment acquisitions. Also, in
accordance with Sections 8.1 and 8.2 of the Partnership Agreement, during the
year 2000, the Partnership reached it's expiration period for new equipment
acquisitions which lead to the announced wind-up process.

A summary of changes in rental equipment owned and its related accumulated
depreciation is as follows:

Beginning Ending
Balance Additions Sales Balance
Costs for years ended:

December 31, 1999 $59,956,146 $ 2,230,104 $10,112,372 $52,073,878

December 31, 2000 $52,073,878 $ 1,142,310 $14,222,790 $38,993,398

December 31, 2001 $38,993,398 $ - $20,315,078 $18,678,320

Accumulated depreciation for
the years ended:

December 31, 1999 $30,958,816 $11,508,608 $ 7,784,069 $34,683,355

December 31, 2000 $34,683,355 $ 8,056,432 $11,719,152 $31,020,635

December 31, 2001 $31,020,635 $ 4,975,058 $18,445,011 $17,550,682

CSA INCOME FUND IV LIMITED PARTNERSHIP
Notes to Financial Statements

(4) Leases

As of December 31, 2001, substantially all of the Partnership's equipment was
leased under 54 separate leases to 35 lessees. Approximately 11% of the
Partnership's equipment portfolio (based on cost) has been leased outside the
United States. Four lessees represented approximately 63% (21%, 17%, 14% and
11%, respectively) of the Partnership's revenues in 2001 as compared to three
lessees representing 57% (33%, 12% and 12%, respectively) in 2000 and two
lessees representing 34% (22% and 12%, respectively) in 1999.

Minimum annual lease rentals scheduled to be received under existing
noncancellable operating leases are as follows:

Year Amount

2002 $1,323,378
2003 961,404
2004 780,000
2005 390,000
$ 3,454,782

(5) Short-term investment

During the year ended December 31, 2001, the Partnership purchased an interest,
as an interim lender, in a short-term investment secured by an equipment lease
obligation yielding 7.75% interest. The Partnership's portion of the
short-term loan participation has been reduced from an initial investment of
$3,800,667 to $2,124,290 as of December 31, 2001, and has been repaid in
full during the quarter ended March 31, 2002.

(6) Notes Payable

Notes payable consist of three (3) nonrecourse notes due in monthly
installments,with an interest rate of 6.85% per annum. Such notes are
collateralized by equipment with a cost of $1,299,122. Annual maturities of
notes payable at December 31, 2001, are as follows:

Year Amount_

2002 $ 153,085
2003 163,907
$ 316,992

(7) Fair Values of Financial Instruments

The following methods and assumptions were used to estimate the fair value of
financial instruments:

Cash, Cash Equivalents and Short-term Investment
The carrying amount of cash, cash equivalents and short-term investment
Approximates its fair value due to their short maturity.

Notes Payable
The fair value of the Partnership's notes payable is based on the market price
for the same or similar debt issues or on the current rates offered to the
Partnership for debt with the same remaining maturity. The carrying amount of
notes payable approximates fair value.

CSA INCOME FUND IV LIMITED PARTNERSHIP
Notes to Financial Statements

(8) Related Party Transactions

Fees and other expenses paid or accrued to be paid by the Partnership to the
General Partner or affiliates of the General Partner for 2001, 2000 and 1999 are
as follows:

2001 2000 1999

Management fees $ 336,246 $ 791,670 $1,193,749
Reimbursable operating
expenses 250,336 251,203 183,055
$ 586,582 $ 1,042,873 $1,376,804

An affiliate of the General Partner, CSA Financial Corporation ("CSA") has
acquired 5,290 units of the Partnership as of December 31, 2001. These units
were purchased primarily in the case of hardship, when Limited Partners
requested to sell their units. CSA, when approached, first informed the
Limited Partners to consult their Financial Advisor, since it may be more
financially prudent to hold on to the units until wind-up is completed.
Then, if the Limited Partner still want to sell their units, CSA offered
to purchase the units at slightly higher than other prevailing third party
offers.

(9) Net Cash Provided from Operations

The reconciliation of net income to net cash from operations for 2001, 2000
and 1999 is as follows:

2001 2000 1999

Net Income $ 578,076 $ 1,048,500 $ 1,249,602
(Gain)loss on
sale of equipment 347,139 (711,614) (258,512)
Depreciation 4,975,058 8,056,432 11,508,608
Decrease in
receivables 26,976 323,103 365,853
Increase (decrease)
in payables and
deferred income (136,344) 20,577 (61,095)
Net cash from operations $5,790,905 $ 8,736,998 $12,804,456

(10) Net Gain/(Loss) on Foreign Currency Transactions

Net gain/loss from foreign currency transactions resulted from exchange gains
and losses on certain leases which call for the payment of rentals in foreign
currency.

Item 9. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosures
None

PART III

Item 10. Directors and Executive Officers of the Registrant

The Partnership has no directors or officers. All management functions are
performed by CSA Lease Funds, Inc., the corporate General Partner. The current
directors and officers of the corporate General Partner are:

Name Age Title(s) Elected

Frank Keohane 65 Director & President 04/01/88
Richard P. Timmons 47 Controller 03/01/95
Trevor A. Keohane 35 Director 05/28/93
Gerald J. Porro 54 Clerk 02/01/01

Term of Office: Until a successor is elected.

Item 11. Executive Compensation

(a), (b), (c), (d) and (e): The Officers and Directors of the General Partner
receive no current or proposed direct remuneration in such capacities, pursuant
to any standard arrangements or otherwise, from the Partnership. In addition,
the Partnership has not paid and does not propose to pay any options, warrants
or rights to the Officers and Directors of the General Partner. There exists
no remuneration plan or arrangement with any Officer or Director of the General
Partner resulting from resignation, retirement or any other termination. See
Note 7 of the Notes to Financial Statements included in Item 8 of this report
for a description of the remuneration paid by the Partnership to the General
Partner and its affiliates.

Item 12. Security Ownership of Certain Beneficial Owners and
Management

By virtue of its organization as a limited partnership, the Partnership has
outstanding no securities possessing traditional voting rights. However, as
provided for in Section 13.2 of the Agreement of Limited Partnership (subject
to Section 13.3), a majority in interest of the Limited Partners have voting
rights with respect to:

1. Amendment of the Limited Partnership Agreement.

2. Termination of the Partnership.

3. Removal of the General Partner.

4. Approval or disapproval of the sale of substantially all the
assets of the Partnership if such sale occurs prior to February 22,
1997.

No person or group is known by the General Partner to own beneficially more
than 5% of the Partnership's outstanding Limited Partnership Units as of
December 31, 2001.

Item 13. Certain Relationships and Related Transactions

An affiliate of the General Partner also acted as General Partner for CSA Income
Fund Limited Partnership III, which Partnership completed the wind-up of its
affairs as of September 30, 1999.

PART IV

Item 14. Exhibits, Financial Statements, Schedules and Reports
on Form 8-K

(a) (1) Financial Statements - See accompanying Index to Financial
Statements - Item 8.

(2) Financial Statement Schedules - All schedules have been
omitted as not required, not applicable or the information
required to be shown therein is included in the Financial
Statements and related notes.

(3) Exhibits Index

Except as set forth below, all exhibits to Form 10-K, as set forth in
item 601 of Regulation S-K are not applicable.

Page Number or
Exhibit Incorporated by
Number Description Reference

4.1 Agreement of Limited Partnership *

4.2 Subscription Agreement **

4.3 Certificate of Limited Partnership and ***
Agreement of Limited Partnership dated
April 8, 1988

4.4 First Amended and Restated Certificate ****
of Limited Partnership and Agreement
of Limited Partnership dated June 22,
1988

10.1 Escrow Agreement ***

12.0 First Amendment to Agreement of Limited
Partnership *****

27.1 Financial Data Schedule

* Included as Exhibit A to Amendment No. 1 to Form S-1,
Registration Statement No. 0-19939 filed with the Securities
and Exchange Commission on June 23, 1988.

** Included as Exhibit C to Amendment No. 1 to Form S-1 to
Registration Statement No. 0-19939 filed with the Securities and
Exchange Commission on June 23, 1988.

*** Included with the Exhibit Volume to Form S-1, Registration
Statement No. 0-19939 filed with the Securities and Exchange
Commission on April 15, 1988.

**** Included with the Exhibit Volume to Amendment No. 1 to Form S-1,
Registration Statement No. 0-19939 filed with the Securities and
Exchange Commission on June 23, 1988.

***** Included in Consent Statement filed on August 3, 1994.

(b) Reports on Form 8-K: There were no reports filed during the
fourth quarter of 2001.

Signatures

Pursuant to the requirements of Section 13 or 15(d) 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.

CSA Income Fund IV Limited
Partnership (Registrant)
By its General Partner,
CSA Lease Funds, Inc.

Date:

J. Frank Keohane, President

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

By its General Partner,
CSA Lease Funds, Inc.

Date:
J. Frank Keohane
President & Director
Principal Executive Officer

Date:
Richard P. Timmons
Corporate Controller
Principal Accounting and
Finance Officer