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FORM 10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

(Mark One)

(X)   QUARTERLY REPORT PERSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934.

      For the quarterly period ended June 30, 2002

                                             or

( )   TRANSITION REPORT PERSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934

      For the transition period from _______ to _______
Commission file number        0-26200

BOSTON CAPITAL TAX CREDIT FUND IV L.P.
(Exact name of registrant as specified in its charter)

Delaware

04-3208648

(State or other jurisdiction

(I.R.S. Employer

of incorporation or organization)

Identification No.)

 

One Boston Place, Suite 2100, Boston, Massachusetts  02108
(Address of principal executive offices)           (Zip Code)

Registrants telephone number, including area code (617)624-8900

(Former name, former address and former fiscal year, if changed since last report)

      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 preceeding 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

_

 

 

 

 

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2002

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

  
   

Pages
 

Item 1. Financial Statements
     
   

Balance Sheets

1-23
   

Statements of Operations

24-69
   

Statements of Changes in Partners' Capital


70-81
   

Statements of Cash Flows

82-127
   

Notes to Financial Statements

128-154
     
 

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



155-173
     

PART II - OTHER INFORMATION

  
     
 

Item 6. Exhibits and Reports on Form 8-K

174
     
     
 

Signatures

175
     

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

     

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)


$417,689,520


$410,857,851
     

OTHER ASSETS

    
       
 

Cash and cash equivalents

9,053,202

18,950,441
 

Investments

8,680,400

7,474,493
 

Notes receivable

18,926,420

17,736,231

Acquisition costs

25,258,888

24,043,671
 

Other assets

15,632,524

 14,311,335
 

$495,240,954

$493,374,022
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses 
(Note C)


$    947,058


$    897,555
 

Accounts payable affiliates

13,397,631

5,708,074
 

Capital contributions payable

39,100,891

12,227,766
 

Line of credit

          -

 38,224,714
 

 53,445,580

 57,058,109
     

PARTNERS' CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership 
interest, $10 stated value per BAC; 
87,500,000 authorized BACs; 
69,491,543 issued and outstanding, 
as of June 30, 2002





443,291,367





437,739,660

General Partner

(1,519,150)

(1,446,904)

Unrealized gain (loss) on securities

    
 

available for sale, net

     23,157

     23,157
 

441,795,374

436,315,913
 

$495,240,954

$493,374,022

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 20



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)


$ 14,235,071


$ 14,695,373
     

OTHER ASSETS

    
 

Cash and cash equivalents

215,790

217,550
 

Investments

-

-
 

Notes receivable

-

-

Acquisition costs

86,626

87,518
 

Other assets

  1,171,002

  1,087,346
 

$ 15,708,489

$ 16,087,787
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses 
(Note C)


$          -


$          -
 

Accounts payable affiliates

2,877,865

2,699,399
 

Capital contributions payable

388,026

    388,026
 

Line of credit

          -

-
 

  3,265,891

  3,087,425
     

PARTNERS CAPITAL

    
     

Limited Partners

    

Units of limited partnership 
interest, $10 stated value per BAC; 
87,500,000 authorized BACs; 
3,866,700 issued and outstanding, 
as of June 30, 2002





12,648,737





13,200,923

General Partner

(206,139)

(200,561)

Unrealized gain (loss) on securities

    
 

available for sale, net

          -

          -
 

 12,442,598

 13,000,362
 

$ 15,708,489

$ 16,087,787

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 21



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)


$ 2,823,420


$ 2,929,817
     

OTHER ASSETS

    
 

Cash and cash equivalents

309,241

237,787
 

Investments

11,207

9,223
 

Notes receivable

457,639

641,542

Acquisition costs

47,382

47,870
 

Other assets

   415,423

   410,611
 

$ 4,064,312

$ 4,276,850
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses 
(Note C)


$         -


$         -
 

Accounts payable affiliates

557,650

501,190
 

Capital contributions payable

503,206

   641,543
 

Line of credit

         -

-
 

 1,060,856

 1,142,733
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership 
interest, $10 stated value per BAC; 
87,500,000 authorized BACs; 

1,892,700 issued and outstanding, 
as of June 30, 2002





3,135,318





3,264,672

General Partner

(131,919)

(130,612)

Unrealized gain (loss) on securities

    
 

available for sale, net

      57

      57
 

 3,003,456

 3,134,117
 

$ 4,064,312

$ 4,276,850
     

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 22



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)


$10,817,602


$11,087,299
     

OTHER ASSETS

    
 

Cash and cash equivalents

168,537

254,977
 

Investments

212,598

175,011
 

Notes receivable

450,981

450,981

Acquisition costs

148,889

150,424
 

Other assets

   167,580

   167,361
 

$11,966,187

$12,286,053
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses 
(Note C)


$     4,425


$         -
 

Accounts payable affiliates

1,468,979

1,455,331

Capital contributions payable

480,996

   487,655

Line of credit

         -

-
 

 1,954,400

 1,942,986
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership 
interest, $10 stated value per BAC; 87,500,000 authorized BACs; 
2,564,400 issued and outstanding, 
as of June 30, 2002





10,129,666





10,457,633

General Partner

(118,975)

(115,662)

Unrealized gain (loss) on securities

    
 

available for sale, net

     1,096

     1,096
 

10,011,787

10,343,067
 

$11,966,187

$12,286,053
     

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 23



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$17,480,409


$17,726,828
     

OTHER ASSETS

    
 

Cash and cash equivalents

118,741

176,646
 

Investments

-

-
 

Notes receivable

-

-

Acquisition costs

221,421

223,704
 

Other assets

   269,370

   269,370
 

$18,089,941

$18,396,548
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$         -


$         -
 

Accounts payable affiliates

844,014

833,948
 

Capital contributions payable

117,796

   117,796
 

Line of credit

         -

-
 

   961,810

  951,744
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
3,336,727 issued and outstanding,
June 30, 2002





17,241,696





17,555,202

General Partner

(113,565)

(110,398)

Unrealized gain (loss) on securities

    
 

available for sale, net

         -

         -
 

17,128,131

17,444,804
 

$18,089,941

$18,396,548

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 24



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)


$ 9,045,983


$ 9,240,905
     

0THER ASSETS

    
 

Cash and cash equivalents

228,430

264,742
 

Investments

259,921

213,962
 

Notes receivable

534,342

534,342

Acquisition costs

247,462

250,011
 

Other assets

   716,632

   716,362
 

$11,032,770

$11,220,324
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses 
(Note C)


$         -


$         -
 

Accounts payable affiliates

1,304,654

1,246,315
 

Capital contributions payable

 1,214,204

 1,214,204
 

Line of credit

         -

-
 

 2,518,858

 2,460,519
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership 
interest, $10 stated value per BAC; 87,500,000 authorized BACs; 
2,169,878 issued and outstanding, 
as of June 30, 2002





8,612,745





8,856,179

0eneral Partner

(100,173)

(97,714)

Unrealized gain (loss) on securities

    
 

available for sale, net

     1,340

     1,340
 

 8,513,912

8,759,805
 

$11,032,770

$11,220,324

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 25



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$16,098,682


$16,265,562
     

OTHER ASSETS

    
 

Cash and cash equivalents

430,021

463,598
 

Investments

314,294

258,716
 

Notes receivable

523,193

523,193

Acquisition costs

248,520

251,082
 

Other assets

 1,303,344

 1,323,019
 

$18,918,054

$19,085,170
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$         -

$         -
 

Accounts payable affiliates

1,058,873

990,704
 

Capital contributions payable

2,049,336

 2,073,892
 

Line of credit

         -

-
 

 3,108,209

 3,064,596
     

PARTNERS CAPITAL

    
     

Limited Partners

    

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
3,026,109 issued and outstanding,
as of June 30, 2002





15,907,586

 

 

 

16,116,208

General Partner

(99,362)

(97,255)

Unrealized gain (loss) on securities

    
 

available for sale, net

     1,621

     1,621
 

15,809,845

16,020,574
 

$18,918,054

$19,085,170

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 26



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$24,453,128


$24,785,250
     

OTHER ASSETS

    
 

Cash and cash equivalents

284,989

324,565
 

Investments

-

-
 

Notes receivable

571,335

571,335

Acquisition costs

435,274

439,500
 

Other assets

 2,209,629

 2,227,346
 

$27,954,355

$28,347,996
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$        90


$        90
 

Accounts payable affiliates

1,675,983

1,566,588
 

Capital contributions payable

2,144,873

 2,197,433
 

Line of credit

         -

-
 

 3,820,946

 3,764,111
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
3,995,900 issued and outstanding,
as of June 30, 2002





24,232,328





24,678,299

General Partner

(98,919)

(94,414)

Unrealized gain (loss) on securities

    
 

available for sale, net

         -

         -
 

24,133,409

24,583,885
 

$27,954,355

$28,347,996

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 27



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$15,296,887


$15,447,161
     

OTHER ASSETS

    
 

Cash and cash equivalents

301,822

430,440
 

Investments

275,100

226,453
 

Notes receivable

-

-

Acquisition costs

362,458

366,195
 

Other assets

   172,667

   172,383
 

$16,408,934

$16,642,632
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$       742


$         -
 

Accounts payable affiliates

1,253,705

   1,174,903
 

Capital contributions payable

48,924

   156,389
 

Line of credit

         -

-

 

 1,303,371

 1,331,292
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
2,460,700 issued and outstanding,
as of June 30, 2002





15,159,550





15,363,269

General Partner

(55,406)

(53,348)

Unrealized gain (loss) on securities

    
 

available for sale, net

     1,419

     1,419
 

15,105,563

15,311,340
 

$16,408,934

$16,642,632

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 28



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$25,883,417


$26,355,147
     

OTHER ASSETS

    
 

Cash and cash equivalents

373,208

510,061
 

Investments

524,069

431,404
 

Notes receivable

775,000

775,000

Acquisition costs

80,036

80,861
 

Other assets

     3,175

     2,633
 

$27,638,905

$28,155,106
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$         -


$         -
 

Accounts payable affiliates

-

-
 

Capital contributions payable

148,783

   148,783
 

Line of credit

         -

-
 

   148,783

   148,783
     

PARTNERS CAPITAL

    
     

Limited Partners

    

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
4,000,738 issued and outstanding,
as of June 30, 2002





27,556,255





28,067,294

General Partner

(68,875)

(63,713)

Unrealized gain (loss) on securities

    
 

available for sale, net

     2,742

     2,742
 

27,490,122

28,006,323
 

$27,638,905

$28,155,106

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 29



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$24,037,560


$24,490,660
     

OTHER ASSETS

    
 

Cash and cash equivalents

523,851

577,830
 

Investments

276,394

227,525
 

Notes receivable

20,935

20,935

Acquisition costs

80,246

81,073
 

Other assets

     4,907

     4,622
 

$24,943,893

$25,402,645
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$         -


$         -
 

Accounts payable affiliates

294,310

209,815
 

Capital contributions payable

304,770

   304,770
 

Line of credit

         -

-
 

   599,080

   514,585
     

PARTNERS CAPITAL

    
     

Limited Partners

    

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
3,991,800 issued and outstanding,
as of June 30, 2002





24,438,599





24,976,414

General Partner

(95,212)

(89,780)

Unrealized gain (loss) on securities

    
 

available for sale, net

     1,426

  1,426
 

24,344,813

24,888,060
 

$24,943,893

$25,402,645

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 30



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$17,550,110


$17,826,875
     

OTHER ASSETS

    
 

Cash and cash equivalents

173,761

256,324
 

Investments

193,259

159,267
 

Notes receivable

385,438

385,438

Acquisition costs

514,988

520,298
 

Other assets

   258,850

   258,095
 

$19,076,406

$19,406,297
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$         -


$         -
 

Accounts payable affiliates

176

176
 

Capital contributions payable

528,451

   528,451
 

Line of credit

         -

-
 

   528,627

  528,627
     

PARTNERS CAPITAL

    
     

Limited Partners

    

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
2,651,000 issued and outstanding,
as of June 30, 2002





18,588,370





18,914,962

General Partner

(41,589)

(38,290)

Unrealized gain (loss) on securities

    
 

available for sale, net

      998

      998
 

18,547,779

18,877,670
 

$19,076,406

$19,406,297

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 31



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$27,224,895


$27,720,981
     

OTHER ASSETS

    
 

Cash and cash equivalents

394,342

680,648
 

Investments

368,545

303,367
 

Notes receivable

655,675

655,675

Acquisition costs

-

-
 

Other assets

   609,931

   497,363
 

$29,253,388

$29,858,034
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$   3,758


$         -
 

Accounts payable affiliates

33,120

33,120
 

Capital contributions payable

1,005,019

1,030,019
 

Line of credit

         -

-
 

 1,041,897

 1,063,139
     

PARTNERS CAPITAL

    

Limited Partners

    

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
4,417,857 issued and outstanding,
as of June 30, 2002





28,306,754





28,884,324

General Partner

(97,164)

(91,330)

Unrealized gain (loss) on securities

    
 

available for sale, net

     1,901

     1,901
 

28,211,491

28,794,895
 

$29,253,388

$29,858,034

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 32



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$32,611,331


$32,959,161
     

OTHER ASSETS

    
 

Cash and cash equivalents

493,417

491,354
 

Investments

-

-
 

Notes receivable

630,673

630,673

Acquisition costs

737,260

744,760
 

Other assets

   609,149

   607,309
 

$35,081,830

$35,433,257
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$         -


$         -
 

Accounts payable affiliates

295,084

213,058
 

Capital contributions payable

1,074,248

 1,074,248
 

Line of credit

         -

-
 

 1,369,332

 1,287,306
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
4,754,198 issued and outstanding,
as of June 30, 2002





33,781,735





34,210,853

General Partner

(69,237)

(64,902)

Unrealized gain (loss) on securities

    
 

available for sale, net

      -

      -
 

33,712,498

34,145,951
 

$35,081,830

$35,433,257

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 33



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$18,396,789


$18,625,977
     

OTHER ASSETS

    
 

Cash and cash equivalents

178,346

724,344
 

Investments

-

-
 

Notes receivable

113,575

113,575

Acquisition costs

661,528

668,347
 

Other assets

   261,627

   261,627
   

$19,611,865

$20,393,870
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$         -


$      -
 

Accounts payable affiliates

262,928

219,438
 

Capital contributions payable

202,285

751,366
 

Line of credit

         -

         -
 

   465,213

  970,804
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
2,636,533 issued and outstanding,
as of June 30, 2002





19,180,966

 

 

 

19,454,616

General Partner

(34,314)

(31,550)

Unrealized gain (loss) on securities

    
 

available for sale, net

     -

     -
 

19,146,652

19,423,066
 

$19,611,865

$20,393,870

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 34



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$23,536,782


$23,851,276
     

OTHER ASSETS

    
 

Cash and cash equivalents

359,343

382,970
 

Investments

-

-
 

Notes receivable

164,562

164,562

Acquisition costs

1,051,345

1,062,184
 

Other assets

   493,688

   493,688
 

$25,605,720

$25,954,680
     

LIABILITIES

    
       
 

Accounts payable & accrued expenses
(Note C)


$         -


$         -
 

Accounts payable affiliates

377,100

303,802
 

Capital contributions payable

792,518

807,004
 

Line of credit

         -

         -
 

 1,169,618

 1,110,806
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
3,529,319 issued and outstanding,
as of June 30, 2002





24,492,150





24,895,844

General Partner

(56,048)

(51,970)

Unrealized gain (loss) on securities

    
 

available for sale, net

         -

         -
 

24,436,102

24,843,874
 

$25,605,720

$25,954,680

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 35



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$20,665,700


$20,932,858
     

OTHER ASSETS

    
 

Cash and cash equivalents

562,998

708,626
 

Investments

620,060

611,447
 

Notes receivable

522,784

918,319

Acquisition costs

2,979,400

3,010,116
 

Other assets

   234,525

   228,480
 

$25,585,467

$26,409,846
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$       -


$        -
 

Accounts payable affiliates

92,727

76,932
 

Capital contributions payable

1,185,347

1,716,237
 

Line of credit

         -

         -
 

 1,278,074

 1,793,169
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
3,300,463 issued and outstanding,
as of June 30, 2002





24,346,080





24,652,271

General Partner

(38,954)

(35,861)

Unrealized gain (loss) on securities

    
 

available for sale, net

      267

      267
 

24,307,393

24,616,677
 

$25,585,467

$26,409,846

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 36



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$13,301,614


$13,473,738
     

OTHER ASSETS

    
 

Cash and cash equivalents

39,956

45,839

Investments

-

-

Notes receivable

322,784

322,784

Acquisition costs

2,045,737

2,066,827

Other assets

   407,465

   407,465

$16,117,556

$16,316,653
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$         -


$     6,669

Accounts payable affiliates

330,970

290,825
 

Capital contributions payable

680,429

680,429
 

Line of credit

         -

         -
 

 1,011,399

  977,923
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
2,106,837 issued and outstanding,
as of June 30, 2002





15,133,759





15,364,006

General Partner

(27,602)

(25,276)

Unrealized gain (loss) on securities

available for sale, net

         -

         -

15,106,157

15,338,730

$16,117,556

$16,316,653

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 37



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$17,349,227


$17,469,596
     

OTHER ASSETS

    
 

Cash and cash equivalents

457,302

559,002
 

Investments

-

-
 

Notes receivable

1,814,211

1,814,211

Acquisition costs

2,272,343

2,294,151
 

Other assets

   345,617

  345,617
 

$22,238,700

$22,482,577
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$        -


$   100,000

Accounts payable affiliates

125,644

81,688

Capital contributions payable

2,165,429

2,165,429

Line of credit

         -

         -
 

 2,291,073

 2,347,117
     

PARTNERS CAPITAL

    
     

Limited Partners

    

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
2,512,500 issued and outstanding,
as of June 30, 2002





19,963,714





20,149,669

General Partner

(16,087)

(14,209)

Unrealized gain (loss) on securities

    
 

available for sale, net

-

      -
 

19,947,627

20,135,460
 

$22,238,700

$22,482,577

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 38



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$17,477,241


$17,632,089
     

OTHER ASSETS

    

Cash and cash equivalents

744,700

644,013
 

Investments

500,652

502,334
 

Notes receivable

-

-

Acquisition costs

2,565,356

2,588,159
 

Other assets

    35,244

   130,369
 

$21,323,193

$21,496,964
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)

$         -

$      -
 

Accounts payable affiliates

109,559

69,025
 

Capital contributions payable

1,227,737

1,232,066
 

Line of credit

         -

         -
 

 1,337,296

 1,301,091
     

PARTNERS CAPITAL

    

Limited Partners

    
 

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
2,543,100 issues and outstanding,
June 30, 2002





20,003,696





20,211,572

General Partner

(18,432)

(16,332)

Unrealized gain (loss) on securities

    
 

available for sale, net

      633

      633
 

19,985,897

20,195,873
 

$21,323,193

$21,496,964

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 39



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$15,876,000


$16,095,151
     

OTHER ASSETS

    
 

Cash and cash equivalents

310,913

532,334
 

Investments

32,840

27,025
 

Notes receivable

543,567

543,567

Acquisition costs

2,370,103

2,390,716
 

Other assets

    18,327

   902,108
 

$19,151,750

$20,490,901
     

LIABILITIES

    
       
 

Accounts payable & accrued expenses
(Note C)


$         -


$     -
 

Accounts payable affiliates

85,045

50,845
 

Capital contributions payable

963,674

2,065,285
 

Line of credit

         -

         -
 

 1,048,719

 2,116,130
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
2,292,152 issued and outstanding,
as of June 30, 2002





18,118,277





18,387,300

General Partner

(15,413)

(12,696)

Unrealized gain (loss) on securities

    
 

available for sale, net

     167

     167
 

18,103,031

18,374,771
 

$19,151,750

$20,490,901

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 40



June 30,

2002

(Unaudited)

March 31,
2002
(Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$19,155,895


$18,540,930
     

OTHER ASSETS

    
 

Cash and cash equivalents

180,807

795,646
 

Investments

985,160

1,918,956
 

Notes receivable

1,321,601

1,321,601

Acquisition costs

2,816,091

2,812,641
 

Other assets

   769,039

  46,216
 

$25,228,593

$25,435,990
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$   181,150


$    67,062
 

Accounts payable affiliates

168,478

125,733
 

Capital contributions payable

3,402,116

3,449,417
 

Line of credit

         -

  -
 

 3,751,744

 3,642,212
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership
interest, $10 stated value per BAC; 87,500,000 authorized BACs;
2,630,256 issued and outstanding,
as of June 30, 2002





21,475,911





21,789,671

General Partner

(10,258)

(7,089)

Unrealized gain (loss) on securities

    
 

available for sale, net

    11,196

    11,196
 

21,476,849

21,793,778
 

$25,228,593

$25,435,990

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 41



June 30,

2002

(Unaudited)

March 31,

2002

(Unaudited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)


$20,029,742

$20,029,680
     

OTHER ASSETS

    
 

Cash and cash equivalents

1,718,519

8,231,905
 

Investments

2,103,762

2,409,803
 

Notes receivable

5,686,091

6,058,498

Acquisition costs

3,138,536

3,186,688
 

Other assets

1,840,280

895,834
 

$34,516,930

$40,812,408
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$   160,048

$ 105,274
 

Accounts payable affiliates

91,533

3,010,000
 

Capital contributions payable

9,679,195

78,897
 

Line of credit

  -

12,919,212
 

9,930,776

16,113,383
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership
interest, $10 stated value per BAC;

87,500,000 authorized BACs;

1,920,050 issued and outstanding,
as of June 30, 2002





24,591,781

 

 

 

24,703,570

General Partner

(3,921)

(2,839)

Unrealized gain (loss) on securities

    
 

available for sale, net

   (1,706)

(1,706)
 

24,586,154

24,699,025
 

$34,516,930

$40,812,408

 

 

 

 

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 42



June 30,

2002

(Unaudited)

March 31,

2002

(Unaudited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)

14,342,035


$ 2,675,537
     

OTHER ASSETS

    
 

Cash and cash equivalents

484,168

1,439,240
 

Investments

2,002,539

-
 

Notes receivable

3,432,034

1,290,000

Acquisition costs

2,147,887

720,546
 

Other assets

3,315,053

2,856,111
 

$25,723,716

$ 8,981,434
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses
(Note C)


$   596,845

$ 618,460
 

Accounts payable affiliates

89,234

2,698,074
 

Capital contributions payable

8,793,529

6,034
 

Line of credit

-

2,075,060
 

9,479,608

5,397,628
     

PARTNERS CAPITAL

    
     

Limited Partners

    
 

Units of limited partnership
interest, $10 stated value per BAC;

87,500,000 authorized BACs;

2,744,262 issued and outstanding,
as of June 30, 2002





16,245,694

 

 

 

3,584,909

General Partner

(1,586)

(1,103)

Unrealized gain (loss) on securities

    
 

available for sale, net

    -

-
 

16,244,108

3,583,806
 

$25,723,716

$ 8,981,434

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

 


  2002


  2001
     

Income

    
 

Interest income

$    240,736

$    218,471
 

Other income

     18,738

      -
 

    259,474

    218,471

Share of loss from Operating
Partnerships (Note D)


(5,771,092)


(5,781,968)
     

Expenses

    
 

Professional fees

132,158

136,882
 

Fund management fee (Note C)

1,240,607

1,120,777
 

Organization costs

20,000

-
 

Amortization

177,400

133,683
 

General and administrative expenses

    142,616

     93,289
 

  1,712,781

  1,484,631
     

NET INCOME (LOSS)

$(7,224,399)

$(7,048,128)
     

Net income (loss) allocated to
limited partners


$(7,152,153)


$(6,977,647)
     

Net income (loss) allocated to
general partner


$   (72,246)


$   (70,481)
     

Net income (loss) per BAC

$     (2.26)

$     (2.27)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 20


    2002


    2001
     

Income

    
 

Interest income

$        465

$        774
 

Other income

      2,336

          -
 

      2,801

        774

Share of loss from Operating
Partnerships(Note D)


  (460,300)


  (388,910)
     

Expenses

    
 

Professional fees

6,126

4,846
 

Fund management fee (Note C)

89,186

65,813
 

Organization costs

-

-
 

Amortization

893

893
 

General and administrative expenses

      4,060

      3,772

  

    100,265

     75,324
     

NET INCOME (LOSS)

$  (557,764)

$  (463,460)
     

Net income (loss) allocated to limited
partners


$  (552,186)


$  (458,825)
     

Net income (loss) allocated to general
partner


$    (5,578)


$    (4,635)
     

Net income (loss) per BAC

$      (.14)

$      (.12)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 21


    2002


    2001
     

Income

    
 

Interest income

$     31,895

$      3,426
 

Other income

       -

         -
 

   31,895

      3,426

Share of loss from Operating 
Partnerships(Note D)


  (128,336)


  (294,888)
     

Expenses

    
 

Professional fees

5,310

3,512
 

Fund management fee (Note C) 

25,460

55,140
 

Organization costs

-

-
 

Amortization

488

488
 

General and administrative expenses

      2,962

      2,938

  

     34,220

     62,078
     

NET INCOME (LOSS)

$  (130,661)

$  (353,540)
     

Net income (loss) allocated to limited
partners


$  (129,354)


$  (350,005)
     

Net income (loss) allocated to general 
partner


$    (1,307)


$    (3,535)
     

Net income (loss) per BAC

$      (.07)

$      (.18)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 22


    2002


    2001
     

Income

    
 

Interest income

$      3,326

$      3,180
 

Other income

       -

       -
 

      3,326

      3,180

Share of loss from Operating 
Partnerships(Note D)


  (261,196)


  (317,726)
     

Expenses

    
 

Professional fees

7,037

5,138
 

Fund management fee (Note C) 

60,774

48,809
 

Organization costs

-

-
 

Amortization

1,535

1,535
 

General and administrative expenses

      4,064

      3,720
 

     73,410

     59,202
     

NET INCOME (LOSS)

$  (331,280)

$  (373,748)
     

Net income (loss) allocated to limited
partners


$  (327,967)


$  (370,011)
     

Net income (loss) allocated to general 
partner


$    (3,313)


$    (3,737)
     

Net income (loss) per BAC

$      (.13)

$      (.14)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 23


    2002


    2001
     

Income

    
 

Interest income

$        401

$      1,937
 

Other income

       -

       -
 

       401

      1,937

Share of loss from Operating
Partnerships(Note D)


  (246,419)


  (266,586)
     

Expenses

    
 

Professional fees

5,881

3,998
 

Fund management fee (Note C)

58,316

41,723
 

Organization costs

-

-
 

Amortization

2,283

2,283
 

General and administrative expenses

      4,175

      3,799
 

     70,655

     51,803
     

NET INCOME (LOSS)

$  (316,673)

$  (316,452)
     

Net income (loss) allocated to limited
partners


$  (313,506)


$  (313,287)
     

Net income (loss) allocated to general
partner


$    (3,167)


$    (3,165)
     

Net income (loss) per BAC

$      (.09)

$      (.09)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 24


    2002


    2001
     

Income

    
 

Interest income

$      3,995

$      3,535
 

Other income

          -

       -
 

      3,995

      3,535

Share of loss from Operating
Partnerships(Note D)


  (194,920)


  (346,240)
     

Expenses

    
 

Professional fees

6,481

16,997
 

Fund management fee (Note C)

42,232

54,138
 

Organization costs

-

-
 

Amortization

2,551

2,551
 

General and administrative expenses

      3,704

      5,212
 

     54,968

     78,898
     

NET INCOME (LOSS)

$  (245,893)

$  (421,603)
     

Net income (loss) allocated to limited
partners


$  (243,434)


$  (417,387)
     

Net income (loss) allocated to general
partner


$    (2,459)


$    (4,216)
     

Net income (loss) per BAC

$      (.11)

$      (.19)
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 25


    2002


    2001
     

Income

    
 

Interest income

$     5,051

$     4,554
 

Other income

         -

         -
 

     5,051

     4,554

Share of loss from Operating 
Partnerships(Note D)


 (153,498)


 (276,408)
     

Expenses

    
 

Professional fees

6,311

5,208
 

Fund management fee (Note C) 

47,661

58,869
 

Organization costs

-

-
 

Amortization

3,805

3,805
 

General and administrative expenses

     4,505

     3,875
 

    62,282

    71,757
     

NET INCOME (LOSS)

$ (210,729)

$ (343,611)
     

Net income (loss) allocated to limited
partners


$ (208,622)


$ (340,175)
     

Net income (loss) allocated to general 
partner

$   (2,107)

$   (3,436)
     

Net income (loss) per BAC

$     (.07)

$     (.11)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 26


    2002


    2001
     

Income

    
 

Interest income

$       783

$     1,521
 

Other income

         -

     -
 

       783

     1,521

Share of loss from Operating
Partnerships(Note D)


 (330,342)


 (467,279)
     

Expenses

    
 

Professional fees

8,726

8,023
 

Fund management fee (Note C)

103,457

99,995
 

Organization costs

-

-
 

Amortization

4,226

4,485
 

General and administrative expenses

     4,508

     4,084
 

   120,917

   116,587
     

NET INCOME (LOSS)

$ (450,476)

$ (582,345)
     

Net income (loss) allocated to limited
partners


$ (445,971)


$ (576,521)
     

Net income (loss) allocated to general
partner


$   (4,505)


$   (5,824)
     

Net income (loss) per BAC

$     (.11)

$     (.14)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 27


    2002


    2001
     

Income

    
 

Interest income

$     4,423

$     4,797
 

Other income

    15,742

         -
 

    20,165

     4,797

Share of loss from Operating
Partnerships(Note D)


 (150,096)


 (195,191)
     

Expenses

    
 

Professional fees

5,926

7,013
 

Fund management fee (Note C)

62,172

61,696
 

Organization costs

-

-
 

Amortization

3,914

3,914
 

General and administrative expenses

     3,834

     3,277
 

    75,846

    75,900
     

NET INCOME (LOSS)

$ (205,777)

$ (266,294)
     

Net income (loss) allocated to limited
partners


$ (203,719)


$ (263,631)
     

Net income (loss) allocated to general
partner


$   (2,058)


$   (2,663)
     

Net income (loss) per BAC

$     (.08)

$     (.11)
     
















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 28


    2002


    2001
     

Income

    
 

Interest income

$     7,969

$    21,597
 

Other income

         -

         -
 

    7,969

    21,597

Share of loss from Operating 
Partnerships(Note D)


 (443,943)


 (419,651)
     

Expenses

    
 

Professional fees

7,097

11,351
 

Fund management fee (Note C) 

66,921

64,729
 

Organization costs

-

-
 

Amortization

825

825
 

General and administrative expenses

     5,384

     6,496
 

    80,227

    83,401
     

NET INCOME (LOSS)

$ (516,201)

$ (481,455)
     

Net income (loss) allocated to limited
partners


$ (511,039)


$ (476,640)
     

Net income (loss) allocated to general 
partner


$   (5,162)


$   (4,815)
     

Net income (loss) per BAC

$     (.13)

$     (.12)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 29


    2002


    2001
     

Income

 

Interest income

$     4,997

$     8,709
 

Other income

         -

         -
 

    4,997

     8,709

Share of loss from Operating
Partnerships(Note D)


 (453,101)


 (468,372)
     

Expenses

    
 

Professional fees

6,259

9,154
 

Fund management fee (Note C)

82,995

79,148
 

Organization costs

-

-
 

Amortization

827

828
 

General and administrative expenses

     5,062

     5,109
 

    95,143

    94,239
     

NET INCOME (LOSS)

$ (543,247)

$ (553,902)
     

Net income (loss) allocated to limited
partners


$ (537,815)


$ (548,363)
     

Net income (loss) allocated to general
partner


$   (5,432)


$   (5,539)
     

Net income (loss) per BAC

$     (.13)

$     (.14)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 30


    2002


    2001
     

Income

    
 

Interest income

$     3,004

$    8,300
 

Other income

         -

         -
 

     3,004

    8,300

Share of loss from Operating 
Partnerships(Note D)


 (272,535)


 (286,544)
     

Expenses

    
 

Professional fees

5,895

9,336
 

Fund management fee (Note C) 

45,841

41,729
 

Organization costs

-

-
 

Amortization

5,310

5,309
 

General and administrative expenses

     3,314

     3,507
 

    60,360

    59,881
     

NET INCOME (LOSS)

$ (329,891)

$ (338,125)
     

Net income (loss) allocated to limited
partners


$ (326,592)


$ (334,744)
     

Net income (loss) allocated to general 
partner


$   (3,299)


$   (3,381)
     

Net income (loss) per BAC

$     (.12)

$     (.13)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 31


    2002


    2001
     

Income

    
 

Interest income

$     6,013

$    12,702
 

Other income

         -

         -
 

     6,013

    12,702

Share of loss from Operating
Partnerships(Note D)


 (490,023)


 (504,910)
     

Expenses

    
 

Professional fees

7,165

11,686
 

Fund management fee (Note C)

87,160

62,311
 

Organization costs

-

-
 

Amortization

    -

-
 

General and administrative expenses

     5,069

     6,036
 

    99,394

    80,033
     

NET INCOME (LOSS)

$ (583,404)

$ (572,241)
     

Net income (loss) allocated to limited
partners


$ (577,570)


$ (566,519)
     

Net income (loss) allocated to general
partner


$   (5,834)


$   (5,722)
     

Net income (loss) per BAC

$     (.13)

$     (.13)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 32


    2002


    2001
     

Income

    
 

Interest income

$     1,470

$    13,196
 

Other income

         -

         -
 

     1,470

    13,196

Share of loss from Operating
Partnerships(Note D)


 (339,330)


 (176,813)
     

Expenses

    
 

Professional fees

9,226

12,885
 

Fund management fee (Note C)

73,026

75,875
 

Organization costs

-

-
 

Amortization

7,500

9,082
 

General and administrative expenses

     5,841

     5,834
 

    95,593

   103,676
     

NET INCOME (LOSS)

$ (433,453)

$ (267,293)
     

Net income (loss) allocated to limited
partners


$ (429,118)


$ (264,620)
     

Net income (loss) allocated to general
partner


$   (4,335)


$   (2,673)
     

Net income (loss) per BAC

$     (.09)

$     (.06)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 33


    2002


    2001
     

Income

    
 

Interest income

$     1,010

$     9,600
 

Other income

         -

         -
 

     1,010

     9,600

Share of loss from Operating
Partnerships(Note D)


 (229,188)


 (143,489)
     

Expenses

    
 

Professional fees

4,401

5,194
 

Fund management fee (Note C)

32,571

26,131
 

Organization costs

-

-
 

Amortization

6,819

6,820
 

General and administrative expenses

     4,445

     3,335
 

    48,236

    41,480
     

NET INCOME (LOSS)

$ (276,414)

$ (175,369)
     

Net income (loss) allocated to limited
partners


$ (273,650)


$ (173,615)
     

Net income (loss) allocated to general
Partner


$   (2,764)


$   (1,754)
     

Net income (loss) per BAC

$     (.10)

$     (.07)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 34


    2002


    2001
     

Income

    
 

Interest income

$       785

$     2,496
 

Other income

         -

         -
 

       785

     2,496

Share of loss from Operating 
Partnerships(Note D)


 (314,349)


 (252,363)
     

Expenses

    
 

Professional fees

4,891

3,568
 

Fund management fee (Note C) 

73,298

69,690
 

Organization costs

-

-
 

Amortization

10,984

10,986
 

General and administrative expenses

     5,035

     3,188
 

    94,208

    87,432
     

NET INCOME (LOSS)

$ (407,772)

$ (337,299)
     

Net income (loss) allocated to limited
partners


$ (403,694)


$ (333,926)
     

Net income (loss) allocated to general 
partner


$   (4,078)


$   (3,373)
     

Net income (loss) per BAC

$     (.11)

$     (.09)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 35


    2002


    2001
     

Income

    
 

Interest income

$    49,606

$    18,646
 

Other income

       660

         -
 

    50,266

    18,646

Share of loss from Operating 
Partnerships(Note D)


 (265,565)


 (456,139)
     

Expenses

    
 

Professional fees

4,587

3,788
 

Fund management fee (Note C) 

52,052

52,051
 

Organization costs

-

-
 

Amortization

32,309

32,320
 

General and administrative expenses

     5,037

     5,078
 

    93,985

    93,237
     

NET INCOME (LOSS)

$ (309,284)

$ (530,730)
     

Net income (loss) allocated to limited
partners


$ (306,191)


$ (525,423)
     

Net income (loss) allocated to general 
partner


$   (3,093)


$   (5,307)
     

Net income (loss) per BAC

$     (.09)

$     (.16)
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 36


    2002


    2001
     

Income

    
 

Interest income

$      776

$     1,729
 

Other income

         -

         -
 

      776

     1,729

Share of loss from Operating
Partnerships(Note D)


 (167,217)


 (237,520)
     

Expenses

    
 

Professional fees

4,521

2,787
 

Fund management fee (Note C)

34,146

35,206
 

Organization costs

-

-
 

Amortization

22,116

22,116
 

General and administrative expenses

     5,349

     2,224
 

    66,132

    62,333
     

NET INCOME (LOSS)

$ (232,573)

$ (298,124)
     

Net income (loss) allocated to limited
partners


$ (230,247)


$ (295,143)
     

Net income (loss) allocated to general
partner


$   (2,326)


$   (2,981)
     

Net income (loss) per BAC

$     (.11)

$     (.14)
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 37


    2001


    2002
     

Income

    
 

Interest income

$     2,242

$     7,287
 

Other income

         -

         -
 

     2,242

     7,287

Share of loss from Operating 
Partnerships(Note D)


 (115,279)


 (162,400)
     

Expenses

    
 

Professional fees

4,026

3,503
 

Fund management fee (Note C) 

41,456

35,938
 

Organization costs

-

-
 

Amortization

23,706

24,014
 

General and administrative expenses

     5,608

     4,098
 

    74,796

    67,553
     

NET INCOME (LOSS)

$ (187,833)

$ (222,666)
     

Net income (loss) allocated to limited
partners


$ (185,955)


$ (220,439)
     

Net income (loss) allocated to general 
partner


$   (1,878)


$   (2,227)
     

Net income (loss) per BAC

$     (.07)

$     (.09)
     












 

 

 

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 38


    2001


    2002
     

Income

    
 

Interest income

$     2,656

$    24,081
 

Other income

     -

         -
 

     2,656

    24,081

Share of loss from Operating 
Partnerships(Note D)


 (151,878)


  (56,431)
     

Expenses

    
 

Professional fees

4,431

3,185
 

Fund management fee (Note C) 

24,234

40,533
 

Organization costs

-

-
 

Amortization

24,728

793
 

General and administrative expenses

     7,361

     4,059
 

    60,754

    48,570
     

NET INCOME (LOSS)

$ (209,976)

$  (80,920)
     

Net income (loss) allocated to limited
partners


$ (207,876)


$  (80,111)
     

Net income (loss) allocated to general 
partner


$   (2,100)


$     (809)
     

Net income (loss) per BAC

$     (.08)

$     (.03)
     













 


The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 39


    2002

    2001
     

Income

    
 

Interest income

$      1,361

$     61,170
 

Other income

          -

         -
 

      1,361

    61,170

Share of loss from Operating 
Partnerships(Note D)

  (215,441)

  (64,108)
     

Expenses

    
 

Professional fees

4,356

5,710
 

Fund management fee (Note C) 

24,614

29,484
 

Organization costs

-

-
 

Amortization

22,581

636
 

General and administrative expenses

      6,109

    10,281
 

     57,660

    46,111
     

NET INCOME (LOSS)

$ (271,740)

$  (49,049)
     

Net income (loss) allocated to limited
partners

$ (269,023)


$  (48,559)
     

Net income (loss) allocated to general 
partner

$   (2,717)


$     (490)
     

Net income (loss) per BAC

$     (.12)

$      (.02)
     














 

 

 

 

 


The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 40


    2002

2001
     

Income

    
 

Interest income

$    32,501

$ 5,234
 

Other income

         -

-
 

    32,501

5,234

Share of loss from Operating
Partnerships(Note D)


 (286,892)

-
     

Expenses

    
 

Professional fees

6,599

-
 

Fund management fee (Note C)

37,345

21,769
 

Organization costs

-

-
 

Amortization

-

-
 

General and administrative expenses

    18,594

3,367
 

    62,538

25,136
     

NET INCOME (LOSS)

$ (316,929)

$ (19,902)
     

Net income (loss) allocated to limited
partners


$ (313,760)

$ (19,703)
     

Net income (loss) allocated to general
partner


$   (3,169)

$ (199)
     

Net income (loss) per BAC

$     (.12)

$ (.01)
     














 

 

 


The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 41*


    2002
   

Income

  
 

Interest income

$   66,943
 

Other income

         -
 

    66,943

Share of loss from Operating
Partnerships(Note D)

(101,244)
   

Expenses

  
 

Professional fees

6,906
 

Fund management fee (Note C)

47,583
 

Organization costs

-
 

Amortization

-
 

General and administrative expenses

    19,374
 

  73,863
   

NET INCOME (LOSS)

$ (108,164)
   

Net income (loss) allocated to limited
partners


$ (107,082)
   

Net income (loss) allocated to general
partner


$  (1,082)
   

Net income (loss) per BAC

$     (.04)
   














*Series 41 did not commence operations until after June 30, 2001, therefore it does not have comparative information to report

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 42*


    2002
   

Income

  
 

Interest income

$    9,064
 

Other income

        -
 

    9,064

Share of loss from Operating
Partnerships(Note D)

        -
   

Expenses

  
 

Professional fees

-
 

Fund management fee (Note C)

28,107
 

Organization costs

20,000
 

Amortization

-
 

General and administrative expenses

    9,222
 

   57,329
   

NET INCOME (LOSS)

$ (48,265)
   

Net income (loss) allocated to limited
partners


$ (47,782)
   

Net income (loss) allocated to general
partner


$   (483)
   

Net income (loss) per BAC

$    (.02)
   














*Series 42 did not commence operations until after June 30,2001, therefore it does not have comparative information to report

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three Months Ended June 30,
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total
         

Partners' capital
(deficit)
  April 1, 2002



$ 437,739,660



$ (1,446,904)



$     23,157



$ 436,315,913
         

Capital contributions

 14,622,740

-

         -

14,622,740
         

Selling commissions and
  registration costs


(1,918,880)


- -


- -


(1,918,880)
         

Net income (loss)

(7,152,153)

    (72,246)

          -

(7,224,399)
         

Partners' capital
(deficit),
  June 30, 2002

 

443,291,367

 

(1,519,150)

 

23,157

 

441,795,374
         

























The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three Months Ended June 30,
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 20

        

Partners' capital
(deficit)
  April 1, 2002



$ 13,200,923



$  (200,561)



$         -



$ 13,000,362
         

Capital contributions

          -

          -

          -

          -
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

(552,186)

    (5,578)

          -

(557,764)
         

Partners' capital
(deficit),
  June 30, 2002



$ 12,648,737



$  (206,139)



$         -



$ 12,442,598
         

Series 21

        

Partners' capital
(deficit)
  April 1, 2002



$  3,264,672



$  (130,612)



$      57



$  3,134,117
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

  (129,354)

    (1,307)

         -

  (130,661)
         

Partners' capital
(deficit),
  June 30, 2002



$  3,135,318



$  (131,919)



$      57



$  3,003,456
         








The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three Months Ended June 30,
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 22

        

Partners' capital
(deficit)
  April 1, 2002



$ 10,457,633



$  (115,662)



$      1,096



$ 10,343,067
         

Capital contributions

-

-

-

-
         

Selling commissions and
registration costs


- -


- -


- -


- -
         

Net income (loss)

(327,967)

   (3,313)

          -

(331,280)
         

Partners' capital
(deficit),
  June 30, 2002



$ 10,129,666



$  (118,975)



$      1,096



$ 10,011,787
         

Series 23

        

Partners' capital
(deficit)
  April 1, 2002



$ 17,555,202



$  (110,398)



$          -



$ 17,444,804

    

        

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

(313,506)

    (3,167)

          -

(316,673)
         

Partners' capital
(deficit),
  June 30, 2002



$ 17,241,696



$  (113,565)



$          -



$ 17,128,131
         









The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three Months Ended June 30,
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 24

        

Partners' capital
 (deficit)
  April 1, 2002



$  8,856,179



$   (97,714)



$      1,340



$  8,759,805
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

(243,434)

    (2,459)

          -

(245,893)
         

Partners' capital
(deficit),
  June 30, 2002



$  8,612,745



$  (100,173)



$      1,340



$  8,513,912
         

Series 25

        

Partners' capital
(deficit)
  April 1, 2002



$ 16,116,208



$    (97,255)



$      1,621



$ 16,020,574
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

(208,622)

   (2,107)

          -

(210,729)
         

Partners' capital
(deficit),
  June 30, 2002



$ 15,907,586



$    (99,362)



$      1,621



$ 15,809,845
         









The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three Months Ended June 30, 2002
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 26

        

Partners' capital
(deficit)
  April 1, 2002



$ 24,678,299



$    (94,414)



$          -



$ 24,583,885
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

(445,971)

    (4,505)

          -

(450,476)
         

Partners' capital
(deficit),
  June 30, 2002



$ 24,232,328



$    (98,919)



$          -



$ 24,133,409
         

Series 27

        

Partners' capital
(deficit)
  April 1, 2002



$ 15,363,269



$    (53,348)



$      1,419



$ 15,311,340
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

  (203,719)

     (2,058)

          -

  (205,777)
         

Partners' capital
(deficit),
  June 30, 2002



$ 15,159,550



$    (55,406)



$      1,419



$ 15,105,563
         









The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three Months Ended June 30, 2002
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 28

        

Partners' capital
(deficit)
  April 1, 2002



$ 28,067,294



$   (63,713)



$      2,742



$ 28,006,323
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

(511,039)

    (5,162)

          -

(516,201)
         

Partners' capital
(deficit),
  June 30, 2002



$ 27,556,255



$   (68,875)



$      2,742



$ 27,490,122
         

Series 29

        

Partners' capital
(deficit)
  April 1, 2002



$ 24,976,414



$    (89,780)



$      1,426



$ 24,888,060
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

(537,815)

     (5,432)

          -

(543,247)
         

Partners' capital
(deficit),
  June 30, 2002



$ 24,438,599



$    (95,212)



$      1,426



$ 24,344,813
         









The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three Months Ended June 30, 2002
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 30

        

Partners' capital
(deficit)
  April 1, 2002



$ 18,914,962



$   (38,290)



$       998



$ 18,877,670
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

(326,592)

    (3,299)

          -

(329,891)
         

Partners' capital
(deficit),
  June 30, 2002



$ 18,588,370



$   (41,589)



$       998



$ 18,547,779
         

Series 31

        

Partners' capital
(deficit)
  April 1, 2002



$ 28,884,324



$   (91,330)



$      1,901



$ 28,794,895
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

(577,570)

    (5,834)

          -

(583,404)
         

Partners' capital
(deficit),
  June 30, 2002



$ 28,306,754



$   (97,164)



$      1,901



$ 28,211,491
         









The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three Months Ended June 30, 2002
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 32

        

Partners' capital
(deficit)
  April 1, 2002



$ 34,210,853



$   (64,902)



$       -



$ 34,145,951
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

(429,118)

    (4,335)

          -

(433,453)
         

Partners' capital
(deficit),
  June 30, 2002



$ 33,781,735



$   (69,237)



$       -



$ 33,712,498
         

Series 33

        

Partners' capital
(deficit)
  April 1, 2002



$ 19,454,616



$   (31,550)



$      -



$ 19,423,066
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

  (273,650)

    (2,764)

          -

  (276,414)
         

Partners' capital
(deficit),
  June 30, 2002



$ 19,180,966



$   (34,314)



$      -



$ 19,146,652
         









The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three Months Ended June 30, 2002
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 34

        

Partners' capital
(deficit)
  April 1, 2002



$ 24,895,844



$   (51,970)



$          -



$ 24,843,874
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

(403,694)

    (4,078)

          -

(407,772)
         

Partners' capital
(deficit),
  June 30, 2002



$ 24,492,150



$  (56,048))



$          -



$ 24,436,102
         

Series 35

        

Partners' capital
(deficit)
  April 1, 2002



$ 24,652,271



$   (35,861)



$       267



$ 24,616,677
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


      -


          -


          -

-
         

Net income (loss)

(306,191)

    (3,093)

          -

(309,284)
         

Partners' capital
(deficit),
  June 30, 2002



$ 24,346,080



$   (38,954)



$       267



$ 24,307,393
         









The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three Months Ended June 30, 2002
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 36

Partners' capital
(deficit)
  April 1, 2002



$ 15,364,006



$    (25,276)



$          -



$ 15,338,730
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


- -


- -


- -

-
         

Net income (loss)

  (230,247)

     (2,326)

          -

  (232,573)
         

Partners' capital
(deficit),
  June 30, 2002



$ 15,133,759



$    (27,602)



$          -



$ 15,106,157
         

Series 37

Partners' capital
(deficit)
  April 1, 2002



$ 20,149,669



$    (14,209)



$       -



$ 20,135,460
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


    -


           -


          -

-
         

Net income (loss)

  (185,955)

     (1,878)

          -

  (187,833)
         

Partners' capital
(deficit),
  June 30, 2002



$ 19,963,714



$    (16,087)



$       -



$ 19,947,627
         








The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three Months Ended June 30, 2002
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 38

        

Partners' capital
(deficit)
  April 1, 2002



$ 20,211,572



$   (16,332)



$      633



$ 20,195,873
         

Capital contributions

-

          -

-

-
         

Selling commissions and
  registration costs


- -


- -


- -


- -
         

Net income (loss)

  (207,876)

    (2,100)

          -

  (209,976)
         

Partners' capital
(deficit),
  June 30, 2002



$ 20,003,696



$   (18,432)



$      633



$ 19,985,897
         

Series 39

        

Partners' capital
(deficit)
  April 1, 2002



$ 18,387,300



$   (12,696)



$      167



$ 18,374,771
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs

-


- -


          -

-
         

Net income (loss)

  (269,023)

    (2,717)

          -

  (271,740)
         

Partners' capital
(deficit),
  June 30, 2002



$ 18,118,277



$   (15,413)



$      167



$ 18,103,031
         



 

 

 

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three Months Ended June 30, 2002
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 40

        

Partners' capital
(deficit)
  April 1, 2002



$ 21,789,671



$    (7,089)



$     11,196



$ 21,793,778
         

Capital contributions

-

          -

-

-
         

Selling commissions and
  registration costs

-


- -


- -

-
         

Net income (loss)

  (313,760)

    (3,169)

      -

  (316,929)
         

Partners' capital
(deficit),
  June 30, 2002



$ 21,475,911



$   (10,258)



$     11,196



$ 21,476,849
         

Series 41

        

Partners' capital
(deficit)
  April 1, 2002



$ 24,703,570



$    (2,839)



$    (1,706)



$ 24,699,025
         

Capital contributions

-

         -

-

-
         

Selling commissions and
  registration costs

(4,707)


- -


- -

(4,707)
         

Net income (loss)

  (107,082)

    (1,082)

          -

  (108,164)
         

Partners' capital
(deficit),
  June 30, 2002



$ 24,591,781



$    (3,921)



$    (1,706)



$ 24,586,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three Months Ended June 30, 2002
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 42

        

Partners' capital
(deficit)
  April 1, 2002



$  3,584,909



$    (1,103)



$          -



$  3,583,806
         

Capital contributions

14,622,740

          -

-

14,622,740
         

Selling commissions and
  registration costs

(1,914,173)


- -


- -

(1,914,173)
         

Net income (loss)

   (47,782)

     (483)

          -

   (48,265)
         

Partners' capital
(deficit),
  June 30, 2002



$ 16,245,694



$    (1,586)



$          -



$ 16,244,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$(7,224,399)

$(7,048,128)
 

Adjustments

    
 

Amortization

177,400

133,683
 

Distributions from Operating
  Partnerships


77,821


55,097
 

Share of Loss from Operating
  Partnerships


5,771,092


5,781,968
 

Changes in assets and liabilities

    

Decrease (Increase) in 
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


49,503


148,468
 

Decrease (Increase) in prepaid
  expenses


- -


- -
 

Decrease (Increase) in accounts
  receivable


(1,270,340)


(3,461,411)
 

(Decrease) Increase in accounts
  payable affiliates


1,169,865


    988,986
 

Line of credit

 (5,708,074)

 (2,125,548)
     
 

Net cash (used in) provided by 
operating activities


 (6,957,132)


 (5,526,885)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



(1,959,555)



(1,476,424)
 

Capital contributions paid to 
  Operating Partnerships


(11,204,660)


(10,277,305)
 

Advances to Operating Partnerships

(1,273,845)

(627,185)
 

Investments

 (1,205,907)

 (2,168,938)
     
 

Net cash (used in) provided by
investing activities


(15,643,967)


(14,549,852)






The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

(1,918,880)

(1,753,950)
 

Capital contributions received

  14,622,740

  13,734,750
     
 

Net cash (used in) provided by
financing activities


  12,703,860


  11,980,800
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


 (9,897,239)


 (8,095,937)
     

Cash and cash equivalents, beginning

  18,950,441

  21,596,216
     

Cash and cash equivalents, ending

$   9,053,202

$  13,500,279
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$ 11,532,639





$   691,580
     



















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 20

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$(557,764)

$(463,460)
 

Adjustments

    
 

Amortization

893

893
 

Distributions from Operating
  Partnerships


460,300


752
 

Share of Loss from Operating
  Partnerships


-


388,910
 

Changes in assets and liabilities

    
 

Decrease (Increase) in 
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


- -


- -
 

Decrease (Increase) in accounts
  receivable


-


(36,005)
 

(Decrease) Increase in accounts
  payable affiliates


178,467


94,813
 

Line of credit

     -

          -
     
 

Net cash (used in) provided by 
operating activities


     81,896


   (14,097)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



- -
 

Capital contributions paid to 
  Operating Partnerships

-

-
 

Advances to Operating Partnerships

(83,656)

-
 

Investments

          -

          -
     
 

Net cash (used in) provided by
investing activities


   (83,656)


          -



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 20

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

          -

         -
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


    (1,760)


   (14,097)
     

Cash and cash equivalents, beginning

    217,550

    179,335
     

Cash and cash equivalents, ending

$    215,790

$    165,238
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 21

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$(130,661)

$  (353,540)
 

Adjustments

    
 

Amortization

488

488
 

Distributions from Operating
  Partnerships


- -


-
 

Share of Loss from Operating
  Partnerships


128,336


294,888
 

Changes in assets and liabilities

    
 

Decrease (Increase) in 
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


- -


- -
 

Decrease (Increase) in accounts
  receivable


(26,751)


250
 

(Decrease) Increase in accounts
  payable affiliates


56,460


56,460
 

Line of credit

          -

          -
 

Net cash (used in) provided by 
operating activities


   27,872


  (1,454)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



- -
 

Capital contributions paid to 
  Operating Partnerships


(138,337)


- -
 

Advances to Operating Partnerships

183,903

-
 

Investments

   (1,984)

     35,243
     
 

Net cash (used in) provided by
investing activities


      43,582


     35,243




The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 21

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


     71,454


     33,789
     

Cash and cash equivalents, beginning

    237,787

    235,224
     

Cash and cash equivalents, ending

    309,241

    269,013
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 22

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$(331,280)

$(373,748)
 

Adjustments

    
 

Amortization

1,535

1,535
 

Distributions from Operating
  Partnerships

3,342


5,567
 

Share of Loss from Operating
  Partnerships

261,196


317,726
 

Changes in assets and liabilities

    
 

Decrease (Increase) in 
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


4,425


- -
 

Decrease (Increase) in prepaid
  expenses


-


- -
 

Decrease (Increase) in accounts
  receivable


(219)


(5,315)
 

(Decrease) Increase in accounts
  payable affiliates


13,648


63,648
 

Line of credit

          -

          -
     
 

Net cash (used in) provided by 
operating activities


   (47,353)


      9,413
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



- -
 

Capital contributions paid to 
  Operating Partnerships

(1,500)


(51,114)
 

Advances to Operating Partnerships

- 

-
 

Investments

   (37,587)

   (40,302)
     
 

Net cash (used in) provided by
investing activities


   (39,087)


   (91,416)



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 22

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


  (86,440)


   (82,003)
     

Cash and cash equivalents, beginning

    254,977

    352,021
     

Cash and cash equivalents, ending

$    168,537

$    270,018
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
   

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 23

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$ (316,673)

$(316,452)
 

Adjustments

    
 

Amortization

2,283

2,283
 

Distributions from Operating
  Partnerships


-


4,437
 

Share of Loss from Operating
  Partnerships


246,419


266,586
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


- -


- -
 

Decrease (Increase) in prepaid
  expenses


- -


- -
 

Decrease (Increase) in accounts
  receivable


-


- -
 

(Decrease) Increase in accounts
  payable affiliates


10,066


60,065
 

Line of credit

          -

          -
     
 

Net cash (used in) provided by
operating activities


   (57,905)


     16,919
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



- -
 

Capital contributions paid to
  Operating Partnerships

-


- -
 

Advances to Operating Partnerships

-

-
 

Investments

          -

          -
     
 

Net cash (used in) provided by
investing activities


    -


          -




The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 23

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

-

-
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


   (57,905)


     16,919
     

Cash and cash equivalents, beginning

    176,646

    293,829
     

Cash and cash equivalents, ending

$    118,741

$    310,748
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 24

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$  (245,893)

$(421,603)
 

Adjustments

    
 

Amortization

2,551

2,551
 

Distributions from Operating
  Partnerships


-

4,054
 

Share of Loss from Operating
  Partnerships


194,920


346,240
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


- -


- -
 

Decrease (Increase) in accounts
  receivable


(270)


(88)
 

(Decrease) Increase in accounts
  payable affiliates


58,339


58,334
 

Line of credit

          -

          -
 

Net cash (used in) provided by
operating activities


    9,647


  (10,512)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



- -
 

Capital contributions paid to
  Operating Partnerships


- -


- -
 

Advances to Operating Partnerships

-

-
 

Investments

   (45,959)

   (49,452)
     
 

Net cash (used in) provided by
investing activities


   (45,959)


   (49,452)




The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 24

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


  (36,312)


   (59,964)
     

Cash and cash equivalents, beginning

    264,742

    362,301
     

Cash and cash equivalents, ending

$    228,430

$    302,337
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 25

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$  (210,729)

$ (343,611)
 

Adjustments

    
 

Amortization

3,805

3,805
 

Distributions from Operating
  Partnerships


12,139


561
 

Share of Loss from Operating
  Partnerships


153,498


276,408
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


- -


- -
 

Decrease (Increase) in accounts
  receivable


19,675


(109)
 

(Decrease) Increase in accounts
  payable affiliates


68,169


68,169
 

Line of credit

           -

          -
     
 

Net cash (used in) provided by
operating activities


      46,557


      5,223
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



- -
 

Capital contributions paid to
  Operating Partnerships


(24,556)


(59,984)
 

Advances to Operating Partnerships

-

-
 

Investments

   (55,578)

     -
     
 

Net cash (used in) provided by
investing activities


   (80,134)


   (59,984)



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 25

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


   (33,577)


   (54,761)
     

Cash and cash equivalents, beginning

    463,598

    494,183
     

Cash and cash equivalents, ending

$    430,021

$    439,422
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 26

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$(450,476)

$(582,345)
 

Adjustments

    
 

Amortization

4,226

4,485
 

Distributions from Operating
  Partnerships


1,780


3,695
 

Share of Loss from Operating
  Partnerships

330,342


467,279
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


- -


- -
 

Decrease (Increase) in accounts
  receivable


17,717


(18,287)
 

(Decrease) Increase in accounts
  payable affiliates


109,395


109,395
 

Line of credit

          -

          -
     
 

Net cash (used in) provided by
operating activities


    12,984


   (15,778)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



- -
 

Capital contributions paid to
  Operating Partnerships


(52,560)


- -
 

Advances to Operating Partnerships

-

-
 

Investments

          -

     -
     
 

Net cash (used in) provided by
investing activities


   (52,560)


   -




The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 26

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


   (39,576)


   (15,778)
     

Cash and cash equivalents, beginning

    324,565

    335,066
     

Cash and cash equivalents, ending

$    284,989

$    319,288
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     
















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 27

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$  (205,777)

$  (266,294)
 

Adjustments

    
 

Amortization

3,914

3,914
 

Distributions from Operating
  Partnerships


(15,742)


8,021
 

Share of Loss from Operating
  Partnerships


150,096


195,191
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses

742


- -
 

Decrease (Increase) in accounts
  receivable

(16,026)


(124)
 

(Decrease) Increase in accounts
  payable affiliates


78,802


78,801
 

Line of credit

          -

          -
     
 

Net cash (used in) provided by
Operating activities


   11,751


     19,509
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



- -
 

Capital contributions paid to
  Operating Partnerships


(91,722)

(109,512)
 

Advances to Operating Partnerships

-

(70,075)
 

Investments

(48,647)

 (175,587)
     
 

Net cash (used in) provided by
investing activities


  (140,369)


  (179,587)




The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 27

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

-
     
 

Net cash (used in) provided by
financing activities


          -

-
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


  (128,618)


  (160,078)
     

Cash and cash equivalents, beginning

    430,440

   647,352
     

Cash and cash equivalents, ending

$    301,822

$    487,274
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 28

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$  (516,201)

$  (481,455)
 

Adjustments

    
 

Amortization

825

825
 

Distributions from Operating
  Partnerships


27,787


11,395
 

Share of Loss from Operating
  Partnerships


443,943


419,651
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


- -


- -
 

Decrease (Increase) in accounts
  receivable


(542)


(487)
 

(Decrease) Increase in accounts
  payable affiliates


- -


- -
 

Line of credit

          -

          -
     
 

Net cash (used in) provided by
operating activities


   (44,188)


   (50,071)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



- -
 

Capital contributions paid to
  Operating Partnerships


-


(591,003)
 

Advances to Operating Partnerships

-

-
 

Investments

   (92,665)

   330,224
     
 

Net cash (used in) provided by
investing activities


  (92,665)


  (260,779)



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 28

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


  (136,853)


  (310,850)
     

Cash and cash equivalents, beginning

   510,061

  1,117,380
     

Cash and cash equivalents, ending

$    373,208

$   806,530
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 29

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$ (543,247)

$(553,902)
 

Adjustments

    
 

Amortization

827

828
 

Distributions from Operating
  Partnerships


-


610
 

Share of Loss from Operating
  Partnerships


453,101


468,372
 

Changes in assets and liabilities

    
 

Decrease (Increase) in 
  organization costs


-


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


-


- -
 

Decrease (Increase) in accounts
  receivable


(286)


(1,595)
 

(Decrease) Increase in accounts
  payable affiliates


84,495


56,330
 

Line of credit

          -

          -
     
 

Net cash (used in) provided by 
operating activities


   (5,110)


  (29,357)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



-
 

Capital contributions paid to 
  Operating Partnerships

-


(268,919)
 

Advances to Operating Partnerships

-

-
 

Investments

   (48,869)

(111,250)
     
 

Net cash (used in) provided by
investing activities


   (48,869)


  (380,169)



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 29

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


  (53,979)


  (409,526)
     

Cash and cash equivalents, beginning

    577,830

    875,595
     

Cash and cash equivalents, ending

$    523,851

$    466,069
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 30

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$ (329,891)

$  (338,125)
 

Adjustments

    
 

Amortization

5,310

5,309
 

Distributions from Operating
  Partnerships


4,230


9,220
 

Share of Loss from Operating
  Partnerships


272,535


286,544
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


- -


- -
 

Decrease (Increase) in accounts
  receivable


(755)


(1,217)
 

(Decrease) Increase in accounts
  payable affiliates


- -


- -
 

Line of credit

          -

           -
     
 

Net cash (used in) provided by
operating activities


   (48,571)


    (38,269)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



-



- -
 

Capital contributions paid to
  Operating Partnerships


-


(5,094)
 

Advances to Operating Partnerships

-

-
 

Investments

   (33,992)

   (84,959)
     
 

Net cash (used in) provided by
investing activities


   (33,992)


   (90,053)




The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 30

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


   (82,563)


  (128,322)
     

Cash and cash equivalents, beginning

    256,324

    735,208
     

Cash and cash equivalents, ending

$    173,761

$   606,886
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 31

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$(583,403)

$(572,241)
 

Adjustments

    
 

Amortization

-

-
 

Distributions from Operating
  Partnerships


6,062


4,504
 

Share of Loss from Operating
  Partnerships


490,023


504,910
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


3,758


(2,508)
 

Decrease (Increase) in accounts
  receivable


  (112,568)


(111,233)
 

(Decrease) Increase in accounts
  payable affiliates


- -


- -
 

Line of credit

          -

          -
     
 

Net cash (used in) provided by
operating activities


  (196,128)


  (176,568)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



-
 

Capital contributions paid to
  Operating Partnerships


(25,000)


-
 

Advances to Operating Partnerships

(65,178)

-
 

Investments

   (90,178)

  (175,216)
     
 

Net cash (used in) provided by
investing activities


   (90,178)


  (175,216)



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 31

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


  (286,306)


  (351,784)
     

Cash and cash equivalents, beginning

   680,648

  1,118,740
     

Cash and cash equivalents, ending

$    394,342

$    766,956
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$      -
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 32

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$(433,453)

$   (267,293)
 

Adjustments

    
 

Amortization

7,500

9,802
 

Distributions from Operating
  Partnerships


8,500


500
 

Share of Loss from Operating
  Partnerships


339,330


176,813
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses

-


- -
 

Decrease (Increase) in accounts
  receivable


-


-
 

(Decrease) Increase in accounts
  payable affiliates


(1,840)


11,854
 

Line of credit

     82,026

     82,877
     
 

Net cash (used in) provided by
operating activities


   2,063


   13,833
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



-



-
 

Capital contributions paid to
  Operating Partnerships


-


(197,359)
 

Advances to Operating Partnerships

-

-
 

Investments

     -

(173,472)
     

Net cash (used in) provided by
investing activities


   -


  (370,831)



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 32

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


  2,063


(356,998)
     

Cash and cash equivalents, beginning

   491,354

  1,111,983
     

Cash and cash equivalents, ending

$    493,417

$   754,985
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     


















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 33

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$  (276,414)

$  (175,369)
 

Adjustments

    
 

Amortization

6,819

6,820
 

Distributions from Operating
  Partnerships


- -


- -
 

Share of Loss from Operating
  Partnerships


229,188


143,489
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


-
 

(Decrease) Increase in accounts
  payable and accrued expenses


-


(2,529)
 

Decrease (Increase) in accounts
  receivable


-


49,892
 

(Decrease) Increase in accounts
  payable affiliates


43,490


43,443
 

Line of credit

          -

          -
     
 

Net cash (used in) provided by
operating activities


    3,083


    65,746
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



-
 

Capital contributions paid to
  Operating Partnerships


(549,081)


(981,361)
 

Advances to Operating Partnerships

-

-
 

Investments

     -

   541,710
     
 

Net cash (used in) provided by
investing activities


  (549,081)


  (439,651)



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 33

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


  (545,998)


 (373,905)
     

Cash and cash equivalents, beginning

   724,344

  1,147,109
     

Cash and cash equivalents, ending

$    178,346

$   773,204
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 34

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$ (407,772)

$  (337,299)
 

Adjustments

    
 

Amortization

10,984

10,986
 

Distributions from Operating
  Partnerships


- -


137
 

Share of Loss from Operating
  Partnerships


314,349


252,363
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


- -


- -
 

Decrease (Increase) in accounts
  receivable


-


-
 

(Decrease) Increase in accounts
  payable affiliates


73,298


73,290
 

Line of credit

          -

          -
     
 

Net cash (used in) provided by
operating activities


    (9,141)


    (523)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



-
 

Capital contributions paid to
  Operating Partnerships


(14,486)


(16,986)
 

Advances to Operating Partnerships

-

-
 

Investments

          -

   -
     
 

Net cash (used in) provided by
investing activities


   (14,486)


   (16,986)


The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 34

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


          -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


   (23,627)


  (17,509)
     

Cash and cash equivalents, beginning

    382,970

    349,527
     

Cash and cash equivalents, ending

$    359,343

$    332,018
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 35

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$(309,285)

$  (530,730)

Adjustments

 

Amortization

32,309

32,320
 

Distributions from Operating
  Partnerships


- -


- -
 

Share of Loss from Operating
  Partnerships


265,565


456,139
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


- -


-
 

Decrease (Increase) in accounts
  receivable

(6,045)


(11,104)
 

(Decrease) Increase in accounts
  payable affiliates


15,795


15,796
 

Line of credit

          -

          -
     
 

Net cash (used in) provided by
operating activities


    (1,661)


   (37,579)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



- -



(25)
 

Capital contributions paid to
  Operating Partnerships


(530,889)


-
 

Advances to Operating Partnerships

395,535

-
 

Investments

    (8,613)

(182,413)
     
 

Net cash (used in) provided by
investing activities


  (143,967)


  (182,438)



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 35

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


       -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


(145,628)


(220,017)
     

Cash and cash equivalents, beginning

    708,626

    681,948
     

Cash and cash equivalents, ending

$    562,998

$    461,931
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 36

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$  (232,573)

$  (298,124)
 

Adjustments

    

Amortization

22,116

22,116
 

Distributions from Operating
  Partnerships


3,881


- -
 

Share of Loss from Operating
  Partnerships


167,217


237,520
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


(6,669)


(4,410)
 

Decrease (Increase) in accounts
  receivable


-


(14,791)
 

(Decrease) Increase in accounts
  payable affiliates


40,145


40,188
 

Line of credit

          -

          -
     
 

Net cash (used in) provided by
operating activities


    (5,883)


   (17,501)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



-



(4,435)
 

Capital contributions paid to
  Operating Partnerships


-


(182,478)
 

Advances to Operating Partnerships

-

-
 

Investments

          -

   -
     
 

Net cash (used in) provided by
investing activities


   -


  (186,913)





The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 36

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


    -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


(5,883)


(204,414)
     

Cash and cash equivalents, beginning

     45,839

    238,031
     

Cash and cash equivalents, ending

$     39,956

$     33,617
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$          -
     



















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 37

 


2002

2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$  (187,833)

$ (222,666)
 

Adjustments

    
 

Amortization

23,706

24,014
 

Distributions from Operating
  Partnerships


3,881


- -
 

Share of Loss from Operating
  Partnerships


115,279


162,400
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


(100,000)


(26,521)
 

Decrease (Increase) in accounts
  receivable


- -


(33,767)
 

(Decrease) Increase in accounts
  payable affiliates


43,956


12,549
 

Line of credit

          -

          -
     
 

Net cash (used in) provided by
operating activities


  (101,011)


(83,991)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



(689)



(5,743)
 

Capital contributions paid to
  Operating Partnerships


- -


(1,974,207)
 

Advances to Operating Partnerships

-

612,318
 

Investments

     -

   576,017
     
 

Net cash (used in) provided by
investing activities


(689)


(791,615)



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 37

 


2002


2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

          -
     
 

Net cash (used in) provided by
financing activities


          -


    -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


  (101,700)


(875,606)
     

Cash and cash equivalents, beginning

   559,002

  1,357,135
     

Cash and cash equivalents, ending

$    457,302

$   481,529
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$          -





$   -
     










 





The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 38

 


2002


2001

Cash flows from operating activities:

    
     
 

Net income (loss)

$  (209,976)

$   (80,920)
 

Adjustments

    
 

Amortization

24,728

793
 

Distributions from Operating
  Partnerships


2,218


- -
 

Share of Loss from Operating
  Partnerships


151,878


56,431
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


- -

(2,733)
 

Decrease (Increase) in accounts
  receivable


100,002


(577,599)
 

(Decrease) Increase in accounts
  payable affiliates


40,533


8,745
 

Line of credit

     -

   -
     
 

Net cash (used in) provided by
operating activities


    109,383


(595,283)
     
     

Cash flows from investing activities:

    
     

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



(1,172)



(2,432)
 

Capital contributions paid to
  Operating Partnerships


(9,206)


(755,233)
 

Advances to Operating Partnerships

-

527,465
 

Investments

   1,682

  (639,747)
     
 

Net cash (used in) provided by
investing activities


(8,696)


(869,947)



 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 38

 


2002


2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

-
 

Capital contributions received

          -

  -
     
 

Net cash (used in) provided by
financing activities


        -


  -
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


100,687


(1,465,230)
     

Cash and cash equivalents, beginning

   644,013

  3,300,784
     

Cash and cash equivalents, ending

$    744,700

$  1,835,554
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$     -





$   116,325
     

















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 39

 


2002


2001

Cash flows from operating activities:

    

 

Net income (loss)

$  (271,740)

$   (49,049)
 

Adjustments

    
 

Amortization

22,581

636
 

Distributions from Operating
  Partnerships


- -


- -
 

Share of Loss from Operating
  Partnerships


215,441


64,108
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs


- -


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses


-


(28,722)
 

Decrease (Increase) in accounts
  receivable


883,781


(266,660)
 

(Decrease) Increase in accounts
  payable affiliates


34,200

834
 

Line of credit

          -

   -
     
 

Net cash (used in) provided by
operating activities


   884,263


(278,853)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



(1,332)



(34,025)
 

Capital contributions paid to
  Operating Partnerships


(1,098,537)


(1,514,331)
 

Advances to Operating Partnerships

-

(312,318)
 

Investments

  (5,815)

(2,125,246)
     
 

Net cash (used in) provided by
investing activities


(1,105,684)


(3,985,920)



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 39

 


2002


2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

(12,410)
 

Capital contributions received

          -

  -
     
 

Net cash (used in) provided by
financing activities


    -


  (12,410)
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


(221,421)


(4,277,183)
     

Cash and cash equivalents, beginning

  532,334

  5,907,337
     

Cash and cash equivalents, ending

$    310,913

$  1,630,154
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$     -





$   334,686
     
















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 40

 

 

2002

2001

Cash flows from operating activities:

    
     
 

Net income (xloss)

$ (316,929)

$   (19,902)
 

Adjustments

    
 

Amortization

-

-
 

Distributions from Operating
  Partnerships

-


- -
 

Share of Loss from Operating
  Partnerships

286,892


-
 

Changes in assets and liabilities

    
 

Decrease (Increase) in
  organization costs

-


- -
 

(Decrease) Increase in accounts
  payable and accrued expenses

114,088


215,891
 

Decrease (Increase) in accounts
  receivable

(722,823)


(2,445,026)
 

(Decrease) Increase in accounts
  payable affiliates

42,745


65,249
 

Line of credit

-

 (2,125,548)
     
 

Net cash (used in) provided by
operating activities

(596,027)


 (4,309,336)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired

 

(190,031)



(1,429,764)
 

Capital contributions paid to
  Operating Partnerships

(762,577)


(3,569,724)
 

Advances to Operating Partnerships

-

(1,454,650)
 

Investments

933,796

  -
     
 

Net cash (used in) provided by
investing activities

(18,812)


(6,454,138)



 

 

 

 

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 40

 

 

2002

2001
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

(1,741,540)
 

Capital contributions received

-

13,734,750
     
 

Net cash (used in) provided by
financing activities


-


 11,993,210
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(614,839)

1,229,736
     

Cash and cash equivalents, beginning

795,646

    553,358
     

Cash and cash equivalents, ending

$ 180,807

$  1,783,094
     

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships

 

 

 

$ 718,652





$    240,569
     
















The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

 

Series 41*

2002

Cash flows from operating activities:

  
   
 

Net income (loss)

(108,164)
 

Adjustments

  
 

Amortization

-
 

Distributions from Operating
  Partnerships

4,000
 

Share of Loss from Operating
  Partnerships

101,244
 

Changes in assets and liabilities

  
 

Decrease (Increase) in
  organization costs

-
 

(Decrease) Increase in accounts
  payable and accrued expenses

54,774
 

Decrease (Increase) in accounts
  receivable

(944,446)
 

(Decrease) Increase in accounts
  payable affiliates

12,636
 

Line of credit

(3,010,000)
   
 

Net cash (used in) provided by
operating activities

(3,889,956)
   
   

Cash flows from investing activities:

  
   
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired

 

(315,450)
 

Capital contributions paid to
  Operating Partnerships

(2,981,721)
 

Advances to Operating Partnerships

372,407
 

Investments

306,041
   
 

Net cash (used in) provided by
investing activities

(2,618,723)



 

 

 

 

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

 

Series 41*
2002
   

Continued

  
   

Cash flows from financing activities:

  
   
 

Sales and registration costs paid

(4,707)
 

Capital contributions received

-
   
 

Net cash (used in) provided by
financing activities

(4,707)
   
   

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(6,513,386)
   

Cash and cash equivalents, beginning

8,231,905
   

Cash and cash equivalents, ending

$ 1,718,519
   

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships

 

 

 

$ 3,152,205
   















*Series 41 did not commence operations until after June 30, 2001,
therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

 

Series 42*

2002

Cash flows from operating activities:

  
   
 

Net income (loss)

(48,265)
 

Adjustments

  
 

Amortization

-
 

Distributions from Operating
  Partnerships

-
 

Share of Loss from Operating
  Partnerships

-
 

Changes in assets and liabilities

  
 

Decrease (Increase) in
  organization costs

-
 

(Decrease) Increase in accounts
  payable and accrued expenses

(21,615)
 

Decrease (Increase) in accounts
  receivable

(458,944)
 

(Decrease) Increase in accounts
  payable affiliates

83,200
 

Line of credit

(2,698,074)
   

Net cash (used in) provided by
operating activities

(3,143,698)
   
   

Cash flows from investing activities:

  
   
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired

 

(1,450,881)
 

Capital contributions paid to
  Operating Partnerships

(4,924,487)
 

Advances to Operating Partnerships

(2,142,034)
 

Investments

(2,002,539)
   
 

Net cash (used in) provided by
investing activities

(10,519,941)



 

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

 

Series 42*
2002
   

Continued

  
   

Cash flows from financing activities:

  
   
 

Sales and registration costs paid

(1,914,173)
 

Capital contributions received

14,622,740
   
 

Net cash (used in) provided by
financing activities

12,708,567
   
   

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(955,072)
   

Cash and cash equivalents, beginning

1,439,240
   

Cash and cash equivalents, ending

$ 484,168
   

Supplemental schedule of non-cash
  investing and financing activities
  the fund has increased its inves0tments
  for unpaid capital contributions
  due to the Operating Partnerships

 

 

 

$ 7,661,782
   


 

 

 

 


*Series 42 did not commence operations until after June 30, 2001,
therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement


Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in Operating Partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund's general partner was reorganized as follows. The General Partner of the Fund continues to be Boston Capital Associates IV L.P., a Delaware limited partnership. The general partner of the General Partner is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Ca pital Partners, Inc. The limited partner of the General Partner is Capital Investment Holdings, a general partnership whose partners are certain officers and employees of Boston Capital Partners, Inc., and its affiliates. The Assignor Limited Partner is BCTC IV Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.

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

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

Series

Closing Date

BACs Sold

Equity Raised

Series 20

June 24, 1994

3,866,700

$38,667,000

Series 21

September 30, 1994

1,892,700

$18,927,000

Series 22

December 28, 1994

2,564,400

$25,644,000

Series 23

June 23, 1995

3,336,727

$33,366,000

Series 24

September 22, 1995

2,169,878

$21,697,000

Series 25

December 29, 1995

3,026,109

$30,248,000

Series 26

June 25, 1996

3,995,900

$39,959,000

Series 27

September 17, 1996

2,460,700

$24,607,000

Series 28

January 29, 1997

4,000,738

$39,999,000

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2002
(Unaudited)

NOTE A - ORGANIZATION (continued)

Series

Closing Date

BACs Sold

Equity Raised

Series 29

June 10, 1997

3,991,800

$39,918,000

Series 30

September 10, 1997

2,651,000

$26,490,750

Series 31

January 18, 1998

4,417,857

$44,057,750

Series 32

June 23, 1998

4,754,198

$47,431,000

Series 33

September 21, 1998

2,636,533

$26,362,000

Series 34

February 11, 1999

3,529,319

$35,273,000

Series 35

June 28, 1999

3,300,463

$33,004,630

Series 36

September 28, 1999

2,106,837

$21,068,375

Series 37

January 28, 2000

2,512,500

$25,125,000

Series 38

July 31, 2000

2,543,100

$25,431,000

Series 39

January 31, 2001

2,292,152

$22,921,000

Series 40

July 31, 2001

2,630,256

$26,629,250

Series 41

January 31, 2002

2,891,626

$28,916,260

Series 42

July 31, 2002

2,744,262

$27,442,620

The Fund commenced offering BACs in Series 43 on August 1, 2002, but had not admitted any BAC holders to the Fund as of the date of this filing.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of June 30, 2002 and for the three months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principals have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K.

Investment Securities

The Fund has determined that all of its investment securities are to be categorized as securities available for sale. Securities classified as available for sale are those debt securities that the Fund purchased that may be liquidated prior to the maturity date should the need arise. These securities are carried at approximate fair market value. All of the investments held by the Fund are tax-exempt municipal bonds and Certificates of Deposit.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2002
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES (continued)

The amortized cost of securities available for sale as of June 30, 2002 by contractual maturity are as follows:

 

Amortized Cost
   

Due in one year or less

$7,798,480

Due after one year

858,763

Total

$8,657,243

The fair market value of the securities is $8,680,400. The difference being an unrealized gain on securities available for sale of $23,157, as of June 30, 2002.

Amortization

The Fund began amortizing unallocated and deferred acquisition costs over 330 months as of June 1999. Each Series begins amortizing costs once they have completed investing in operating partnerships. Accumulated amortization of acquisition costs by Series as of June 30, 2002 and 2001 is as follows:
 

2002

2001

Series 20

$   11,610

$   8,037

Series 21

6,350

4,396

Series 22

19,954

13,814

Series 23

25,348

16,217

Series 24

33,165

22,960

Series 25

33,307

23,058

Series 26

57,177

39,497

Series 27

48,577

33,630

Series 28

10,726

7,426

Series 29

10,624

7,306

Series 30

68,894

47,657

Series 32

97,509

67,211

Series 33

87,742

60,464

Series 34

139,123

95,764

Series 35

364,881

272,730

Series 36

267,189

182,831

Series 37

199,185

109,245

Series 38

   23,975

       -

Series 39

43,878

-
 

$1,549,214

$1,012,243

 

 

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2002
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Services, Inc., and Boston Capital Asset Management L.P. as follows:

For the quarter ended June 30, 2002, Boston Capital Services, Inc. received $273,272 for Series 42 as Dealer-Manager fees for marketing advice and investment banking services performed at the time of the Fund's offering of BACs. Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40 and Series 41 completed payment of all Dealer-Manager fees prior to the quarter ended June 30, 2002.

Boston Capital Holdings L.P. is entitled to asset acquisition fees for selecting, evaluating, structuring, negotiating, and closing the Fund's acquisition of interest in the Operating Partnerships. During the quarter ended June 30, 2002, Series 42 paid $1,242,902 for acquisition fees to Boston Capital Holdings Limited Partnership. Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40 and Series 41 completed payment of all acquisition fees prior to the quarter ended June 30, 2002.

An annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued or paid to Boston Capital Asset Management L.P.

The fund management fees accrued for the quarters ended June 30, 2002 and 2001 are as follows:
 

2002

2001

Series 20

94,811

$94,812

Series 21

56,460

56,460

Series 22

13,648

63,648

Series 23

10,066

60,066

Series 24

58,339

58,338

Series 25

68,169

68,170

Series 26

109,395

109,395

Series 27

78,802

78,801

Series 29

84,495

56,330

Series 32

82,026

82,875

Series 33

43,490

43,443

Series 34

73,298

73,290

Series 35

15,795

15,794

Series 36

40,145

40,188

Series 37

43,956

-

Series 38

40,533

8,745

Series 39

34,200

834

Series 40

42,745

21,769

Series 41

   12,824

      -

Series 42

28,107

-
 

$1,031,304

$932,958

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2002
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the quarters ended June 30, 2002 and 2001 are as follows:
 

2002

2001

Series 21

50,000

-

Series 22

50,000

-

Series 28

83,529

83,502

Series 29

-

28,165

Series 30

55,179

55,179

Series 31

99,360

99,360

Series 35

41,256

41,296

Series 37

-

31,407

Series 38

-

35,788

Series 39

-

28,650

Series 41

36,159

-

$ 415,483

$ 403,374

 

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2002 and 2001 the Fund has limited partnership interests in 421 and 386 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at June 30, 2002 and 2001 is as follows:
 

2002

2001

Series 20

24

24

Series 21

14

14

Series 22

29

29

Series 23

22

22

Series 24

24

24

Series 25

22

22

Series 26

45

45

Series 27

16

16

Series 28

26

26

Series 29

22

22

Series 30

20

20

Series 31

27

27

Series 32

17

16

Series 33

10

10

Series 34

14

14

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
 

2002

2001

Series 35

11

11

Series 36

11

11

Series 37

7

7

Series 38

10

10

Series 39

9

8

Series 40

16

8

Series 41

 19

  -

Series 42

6

-
 

421

386

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at June 30, 2002 and 2001 are as follows:
 

2002

2001

Series 20

$ 388,026

$   388,026

Series 21

503,206

689,358

Series 22

480,996

487,655

Series 23

117,796

458,632

Series 24

1,214,204

1,214,204

Series 25

2,049,336

2,083,892

Series 26

2,144,873

2,197,431

Series 27

48,924

203,270

Series 28

148,783

153,783

Series 29

304,770

319,770

Series 30

528,451

1,029,156

Series 31

1,005,019

1,350,694

Series 32

1,074,248

1,178,311

Series 33

202,285

751,366

Series 34

792,518

1,034,636

Series 35

1,185,347

2,403,180

Series 36

680,429

1,331,564

Series 37

2,165,429

3,864,726

Series 38

1,227,737

3,790,568

Series 39

963,674

5,641,937

Series 40

3,402,116

5,442,230

Series 41

9,679,195

  -

Series 42

8,793,529

-
 

$39,100,891

$36,014,389

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2002
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the three months ended March 31, 2002.

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 20

 

        2002

        2001
     

Revenues

    
 

Rental

$  2,334,848

$  2,287,038
 

Interest and other

    156,014

    109,210
 

  2,490,862

  2,396,248
     

Expenses

    
 

Interest

858,929

763,021
 

Depreciation and amortization

734,421

739,454
 

Operating expenses

  1,384,292

  1,301,793
 

  2,977,692

  2,804,268
     

NET LOSS

$ (486,780)

$ (408,020)
     

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


$ (460,300)


$ (388,910)
     

Net loss allocated to other partners


$    (4,868)


$    (4,080)
     

Net loss suspended

$   (21,612)

$   (15,030)


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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 21

 

        2002

        2001
     

Revenues

    
 

Rental

$   895,745

$  1,253,885
 

Interest and other

    27,364

     34,041
 

   923,109

  1,287,926
     

Expenses

    
 

Interest

382,734

463,565
 

Depreciation and amortization

224,326

294,017
 

Operating expenses

   502,772

   828,211
 

  1,109,832

  1,585,793
     

NET LOSS

$  (186,723)

$  (297,867)
     

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


$  (128,336)


$  (294,888)
     

Net loss allocated to other Partners


$    (1,867)


$    (2,979)
     

Net loss suspended

$ (56,520)

$ -

 

 

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

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 22
 

        2002

        2001
     

Revenues

    
 

Rental

$  1,322,159

$  1,224,489
 

Interest and other

     72,165

     54,694
 

  1,394,324

  1,279,183
     

Expenses

    
 

Interest

354,921

332,380
 

Depreciation and amortization

445,622

461,831
 

Operating expenses

   868,452

   805,907
 

  1,668,995

  1,600,118
     

NET LOSS

$  (274,671)

$  (320,935)

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


$  (261,196)


$  (317,726)
     

Net loss allocated to other Partners


$    (2,747)


$    (3,209)
     

Net loss suspended

$ (10,728)

$ -

 

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

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 23

 

        2002

        2001
     

Revenues

    
 

Rental

$  1,450,931

$  1,431,261
 

Interest and other

     76,096

     50,949
 

  1,527,027

  1,482,210
     

Expenses

    
 

Interest

447,859

440,794
 

Depreciation and amortization

446,907

470,833
 

Operating expenses

   881,169

   839,862
 

  1,775,935

  1,751,489
     

NET LOSS

$  (248,908)

$  (269,279)
     

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


$  (246,419)


$  (266,586)
     

Net loss allocated to other Partners


$    (2,489)


$    (2,693)
     

Net loss suspended

$ -

$ -

 

 

 

 

 

 

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

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 24
 

        2002

        2001
     

Revenues

    
 

Rental

$  1,299,207

$  1,222,741
 

Interest and other

     30,921

     43,474
 

  1,330,128

  1,266,215
     

Expenses

    
 

Interest

375,130

421,142
 

Depreciation and amortization

415,187

442,437
 

Operating expenses

   764,958

   752,374
 

  1,555,275

  1,615,953
     

NET LOSS

$ (225,147)

$ (349,738)
     

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


$ (194,920)


$ (346,240)
     

Net loss allocated to other Partners


$    (2,250)


$    (3,498)
     

Net loss suspended

$ (27,977)

$ -

 

 

 

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

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 25
 

        2002

        2001
     

Revenues

    
 

Rental

$  2,031,071

$  1,832,937
 

Interest and other

     52,243

     35,887
 

  2,083,314

  1,868,824
     

Expenses

    
 

Interest

585,760

583,091
 

Depreciation and amortization

479,882

538,632
 

Operating expenses

  1,172,721

  1,116,945
 

  2,238,363

  2,238,668
     

NET LOSS

$ (155,049)

$ (369,844)
     

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


$  (153,498)


$ (276,408)
     

Net loss allocated to other Partners


$    (1,551)


$    (3,698)
     

Net loss suspended

$   -

$   (89,738)
     


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

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 26
 

        2002

        2001
     

Revenues

    
 

Rental

$  2,227,075

$  2,174,876
 

Interest and other

     67,020

     75,128
 

  2,294,095

  2,250,004
     

Expenses

    
 

Interest

616,252

605,228
 

Depreciation and amortization

735,619

749,249
 

Operating expenses

  1,336,537

  1,387,647
 

  2,688,408

  2,742,124
     

NET LOSS0

$ (394,313)

$  (492,120)
     

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


$ (330,342)


$  (467,279)
     

Net loss allocated to other Partners


$    (3,943)


$    (4,922)
     

Net loss suspended

$   (60,028)

$   (19,919)
     
     


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

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 27
 

        2002

        2001
     

Revenues

    
 

Rental

$  1,627,077

$  1,633,975
 

Interest and other

     23,794

     21,895
 

  1,650,871

  1,655,870
     

Expenses

    
 

Interest

694,276

644,455
 

Depreciation and amortization

438,317

436,573
 

Operating expenses

   702,218

   810,678
 

  1,834,811

  1,891,706
     

NET LOSS

$  (183,940)

$  (235,836)
     

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


$  (150,096)


$  (195,191)
     

Net loss allocated to other Partners


$    (1,839)


$    (2,358)
     

Net loss suspended

$   (32,005)

$   (38,287)

 

 

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 28
 

        2002

        2001
     

Revenues

    
 

Rental

$  1,454,911

$  1,381,219
 

Interest and other

     41,082

     40,382
 

  1,495,993

  1,421,601
     

Expenses

    
 

Interest

449,688

386,092
 

Depreciation and amortization

585,371

561,840
 

Operating expenses

   909,361

   897,559
 

  1,944,420

  1,845,491
     

NET LOSS

$ (448,427)

$  (423,890)
     

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


$ (443,943)


$  (419,651)
     

Net loss allocated to other Partners


$    (4,484)


$    (4,239)
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 29
 

        2002

        2001
     

Revenues

    
 

Rental

$  1,667,266

$  1,606,592
 

Interest and other

     55,687

     81,264
 

  1,722,953

  1,687,856
     

Expenses

    
 

Interest

522,645

496,550
 

Depreciation and amortization

635,945

649,120
 

Operating expenses

  1,022,041

  1,015,289
 

  2,180,631

  2,160,959
     

NET LOSS

$ (457,678)

$  (473,103)
     

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


$ (453,101)


$  (468,372)
     

Net loss allocated to other Partners


$    (4,577)


$    (4,731)
     
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 30
 

        2002

        2001
     

Revenues

    
 

Rental

$  1,200,025

$  1,152,674
 

Interest and other

     57,817

     40,792
 

  1,257,842

  1,193,466
     

Expenses

    
 

Interest

337,271

316,489
 

Depreciation and amortization

377,191

389,797
 

Operating expenses

   818,667

   776,618
 

  1,533,129

  1,482,904
     

NET LOSS

$  (275,287)

$  (289,438)
     

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


$  (272,535)


$  (286,544)
     

Net loss allocated to other Partners


$    (2,752)


$    (2,894)
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 31
 

        2002

        2001
     

Revenues

    
 

Rental

$  2,335,847

$  2,310,993
 

Interest and other

    100,886

    123,910
 

  2,436,733

  2,434,903
     

Expenses

    
 

Interest

596,376

631,755
 

Depreciation and amortization

873,015

843,114
 

Operating expenses

  1,462,315

  1,470,044
 

  2,931,706

  2,944,913
     

NET LOSS

$ (494,973)

$ (510,010)
     

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


$ (490,023)


$ (504,910)
     

Net loss allocated to other Partners


$    (4,950)


$    (5,100)
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 32
 

        2002

        2001
     

Revenues

    
 

Rental

$  1,378,888

$  1,306,519
 

Interest and other

     76,725

     88,264
 

  1,455,613

  1,394,783
     

Expenses

    
 

Interest

350,884

384,667
 

Depreciation and amortization

639,413

458,215
 

Operating expenses

   868,708

   730,501
 

  1,859,005

  1,573,383
     

NET LOSS

$  (403,392)

$  (178,600)
     

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


$  (339,330)


$  (176,813)
     

Net loss allocated to other Partners


$    (4,034)


$    (1,787)
     

Net loss suspended


$   (60,028)


$          -

 

 

 

 

 

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

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 33
 

        2002

        2001
     

Revenues

    
 

Rental

$   773,620

$   744,229
 

Interest and other

    38,894

     46,427
 

   812,514

   790,656
     

Expenses

    
 

Interest

286,225

260,991
 

Depreciation and amortization

318,754

253,270
 

Operating expenses

   439,039

    421,334
 

  1,044,018

   935,595
     

NET LOSS

$  (231,504)

$  (144,939)
     

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


$  (229,188)


$  (143,489)
     

Net loss allocated to other Partners


$    (2,316)


$    (1,450)
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 34
 

        2002

        2001
     

Revenues

    
 

Rental

$  1,364,242

$  1,356,042
 

Interest and other

     81,352

     79,032
 

  1,445,594

  1,435,074
     

Expenses

    
 

Interest

429,363

469,537
 

Depreciation and amortization

560,699

540,935
 

Operating expenses

   773,057

   679,515
 

  1,763,119

  1,689,987
     

NET LOSS

$  (317,525)

$  (254,913)
     

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


$  (314,349)


$  (252,363)
     

Net loss allocated to other Partners


$    (3,176)


$    (2,550)
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,

Series 35
 

        2002

        2001
     

Revenues

    
 

Rental

$   923,115

$    748,581
 

Interest and other

     30,423

     30,893
 

   953,538

    779,474
     

Expenses

    
 

Interest

287,294

375,011
 

Depreciation and amortization

358,733

357,761
 

Operating expenses

   575,759

    507,448
 

  1,221,786

  1,240,220
     

NET LOSS

$ (268,248)

$  (460,746)
     

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


$ (265,565)


$  (456,139)
     

Net loss allocated to other Partners


$    (2,683)


$    (4,607)
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 36
 

        2002

        2001
     

Revenues

    
 

Rental

$   735,982

$   645,497
 

Interest and other

     19,358

     44,539
 

   755,340

   690,036
     

Expenses

    
 

Interest

  268,467

290,477
 

Depreciation and amortization

245,789

283,348
 

Operating expenses

   409,990

   356,130
 

   924,246

   929,955
     

NET LOSS

$  (168,906)

$  (239,919)
     

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


$  (167,217)


$  (237,520)
     

Net loss allocated to other Partners


$    (1,689)


$    (2,399)
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 37
 

          2002

        2001
     

Revenues

    
 

Rental

$   872,416

$    413,080
 

Interest and other

     23,858

     32,576
 

   896,274

    445,656
     

Expenses

    
 

Interest

168,479

122,046
 

Depreciation and amortization

328,091

222,718
 

Operating expenses

   516,147

    264,932
 

  1,012,717

    264,932
     

NET LOSS

$  (116,443)

$  (164,040)
     

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


$  (115,279)


$  (162,400)
     

Net loss allocated to other Partners


$    (1,164)


$    (1,640)
     

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 38
 


        2002


        2001
     

Revenues

    
 

Rental

$   609,678

$   229,057
 

Interest and other

     8,238

     1,450
 

   617,916

   230,507
     

Expenses

    
 

Interest

194,723

63,696
 

Depreciation and amortization

223,843

86,999
 

Operating expenses

    352,762

   136,813
 

    771,328

   287,508
     

NET LOSS

$  (153,412)

$  (57,001)
     

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


$  (151,878)


$  (56,431)
     

Net loss allocated to other Partners


$    (1,534)


$     (570)
     

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 39
 

        

2002

        

2001
     

Revenues

    
 

Rental

$ 279,975

$     40,464
 

Interest and other

16,225

        216
 

$ 296,200

$ 40,680

    168,834
     

Expenses

    
 

Interest

80,307

55,871
 

Depreciation and amortization

202,337

12,603
 

Operating expenses

231,174

     36,962
 

513,818

    105,436
     

NET LOSS

$ (217,618)

$   (64,756)
     

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

$ (215,441)


$   (64,108)
     

Net loss allocated to other Partners

$ (2,177)


$      (648)
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

 
 

        Series 40*

        2002
   

Revenues

  
 

Rental

$    412,071
 

Interest and other

     36,597
 

    448,668
   

Expenses

  
 

Interest

147,694
 

Depreciation and amortization

257,733
 

Operating expenses

    333,031
 

    738,458
   

NET LOSS

$  (289,790)
   

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


$  (286,892)
   

Net loss allocated to other Partners


$   (2,898)
   

 

 

 

 

 

 

 

*The Operating Partnerships in Series 40 did not commence operations until after March 31, 2001 therefore, they do not have comparative information to report.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2002

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

 
 

        Series 41*

        2002
   

Revenues

  
 

Rental

$    209,089
 

Interest and other

      6,830
 

    215,919
   

Expenses

  
 

Interest

59,948
 

Depreciation and amortization

112,740
 

Operating expenses

    145,497
 

    318,185
   

NET LOSS

$  (102,266)
   

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


$  (101,244)
   

Net loss allocated to other Partners


$    (1,022)
   

 

 

*The Operating Partnerships in Series 41 did not commence operations until after March 31, 2001, therefore, they do not have comparative information to report.

**The Operating Partnerships in Series 42 did not commence operations until after March 31, 2002, therefore, they do not have current or comparative information to report.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2002
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED

When comparing the results of operations from the Operating Partnerships for the three months ended June 30, 2002 and 2001 numerous variances, some material in nature, exist. The variances, in most cases, are the result of a number of factors including an increase in the number of Operating Partnerships owned, an increase in the number which have completed construction, and an increase in the number which have completed the lease-up phase.

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the fiscal year ended March 31, 2003 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods. No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners and assignees individually.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 2. Management's Discussions and Analysis of Financial Condition and


Liquidity

The Fund's primary source of funds is the proceeds of its Public Offering. Other sources of liquidity will include (i) interest earned on capital contributions held pending investment and on working capital (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest and (iii) a line of credit. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

Boston Capital Tax Credit Fund IV LP and other Funds sponsored and offered by Boston Capital Services, Inc. have entered into a line of credit financing agreement with Fleet National Bank whereby they can collectively borrow up to $40 million for up to 180 days to meet short-term cash needs required for the investment in certain Operating Partnerships. Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line. The repayment of any draws is anticipated to be made once the Fund has received sufficient Investor proceeds. Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank. As of June 30, 2002 Boston Capital Tax Credit Fund IV LP had no amounts outstanding on the line of credit.

The Fund is currently accruing the fund management fee for Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 29, Series 32, Series 33, Series 34, Series 36, Series 37, Series 38, Series 39, Series 40 and Series 42. The fund is also accruing a portion of the fund management fee for Series 35 and Series 41. Pursuant to the Partnership Agreement, such liabilities will be deferred until the Fund receives sales or refinancing proceeds from the Operating Partnerships, which will be used to satisfy such liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations.

Capital Resources

The Fund offered BACs in a Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260 and $19,200,500 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,257, 2,891,626 and 1,920,050 BACs from investors admitted as BAC Holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, and Series 42 respectively as of June 30, 2002.

Series 20

The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $28,614,472.

During the quarter ended June 30, 2002, Series 20 did not record any releases of capital contributions. Series 20 has outstanding contributions payable in the amount of $388,026 as of June 30, 2002. Of the amount outstanding, $252,771 has been advanced to the Operating Partnerships. The advances will be converted to capital and the remaining contributions of $132,255 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 21

The Fund commenced offering BACs in Series 21 on July 1, 1994. Offers and sales of BACs in Series 21 were completed on December 31, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,730.

During the quarter ended June 30, 2002, Series 21 recorded capital contribution releases of $138,337. Series 21 has outstanding contributions payable in the amount of $508,206 as of June 30, 2002. Of the amount outstanding, $457,638 has been loaned to the Operating Partnerships. The loans will be converted to capital and the remaining contributions of $45,568 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 22

The Fund commenced offering BACs in Series 22 on October 10, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748.

During the quarter ended June 30, 2002, Series 22 recorded capital contribution releases of $1,500. Series 22 has outstanding contributions payable in the amount of $480,996 as of June 30, 2002. Of the amount outstanding, $450,838 has been loaned to the Operating Partnerships. The loans will be converted to capital and the remaining contributions of $30,158 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 23

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

During the quarter ended June 30, 2002, Series 23 did not record any releases of capital contributions. Series 23 has outstanding contributions payable of $117,797 as of June 30, 2002, all of which has previously been advanced or loaned to the Operating Partnerships. The advances and loans will be converted to capital when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 24

The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,980,237.

During the quarter ended June 30, 2002, Series 24 did not record any releases of capital contributions. Series 24 has outstanding contributions payable in the amount of $1,214,204 as of June 30, 2002. Of the amount outstanding, $1,098,327 has been advanced or loaned to the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $115,877 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 25

The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,472,722.

During the quarter ended June 30, 2002, Series 25 recorded capital contribution releases of $24,566. Series 25 has outstanding contributions payable in the amount of $2,049,336 as of June 30, 2002. Of the amount outstanding, $1,671,966 has been advanced or loaned to some of the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $377,370, will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 26

The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 25, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,390,862.

During the quarter ended June 30, 2002, Series 26 recorded capital contribution releases of $52,560. Series 26 has outstanding contributions payable in the amount of $2,144,873 as of June 30, 2002. Of the amount outstanding, $2,054,522 has been advanced or loaned to some of the Operating Partnerships. In addition, $30,031 has been funded into escrow accounts on behalf of other Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $90,351, will be released from the escrow accounts and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their Partnership agreements.

Series 27

The Fund commenced offering BACs in Series 27 on June 24, 1996. Offers and sales of BACs in Series 27 were completed on September 17, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,901,046.

During the quarter ended June 30, 2002, Series 27 recorded capital contribution releases of $91,722. Series 27 has outstanding contributions payable in the amount of $48,924 as of June 30, 2002. Of the amount outstanding, $6,500 has been advanced to the Operating Partnerships. The advances will be converted to capital and the remaining contributions of $42,424 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 28

The Fund commenced offering BACs in Series 28 on September 30,1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,261,233.

During the quarter ended June 30, 2002, Series 28 did not record any releases of capital contributions. Series 28 has outstanding contributions payable in the amount of $148,783 as of June 30, 2002. The remaining contributions will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 29

The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877.

During the quarter ended June 30, 2002, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable in the amount of $304,770 as of June 30, 2002. Of the amount outstanding, $20,935 has been loaned to the Operating Partnerships. The loans will be converted to capital and the remaining contributions of $283,835 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 30

The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,492,770.

During the quarter ended June 30, 2002, Series 30 did not record any releases of capital contributions. Series 30 has outstanding contributions payable in the amount of $528,451 as of June 30, 2002. Of the amount outstanding, $339,908 has been advanced or loaned to the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $188,543, will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 31

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

During the quarter ended June 30, 2002, Series 31 recorded capital contribution releases of $25,000. Series 31 has outstanding contributions payable in the amount of $1,005,019 as of June 30, 2002. Of the amount outstanding, $615,674 has been loaned to some of the Operating Partnerships. In addition, $25,000 has been funded into an escrow account on behalf of one of the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $389,345, will be released from the escrow accounts and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 32

The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $34,121,207. The series has also purchased assignments in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC,Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. Under the terms of the Assignments of Membership Interests dated December 1, 1998 the series is entitled to certain profits, losses, tax credits, cash flow, proceeds from capital transactions and capital account as defined in the individual Operating Agreements. The series utilized $1,092,847 of funds available to invest in Operating Partnerships for this investment.

During the quarter ended June 30, 2002, Series 32 did not record any releases of capital contributions. Series 32 has outstanding contributions payable in the amount of $1,074,248 as of June 30, 2002. Of the amount outstanding, $536,411 has been loaned or advanced to the Operating Partnerships. In addition, $125,000 has been funded into escrow accounts on behalf of other Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $537,837, will be released from the escrow accounts and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 33

The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,614,594.

During the quarter ended June 30, 2002, Series 33 recorded capital contribution releases of $549,081. Series 33 has outstanding contributions payable in the amount of $202,285 as of June 30, 2002. Of the amount outstanding, $74,635 has been loaned to the Operating Partnerships. In addition, $125,000 has been funded into an escrow account on behalf of other Operating Partnerships. The loans will be converted to capital and the remaining contributions of $127,650, will be released from the escrow account and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 34

The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,754,977.

During the quarter ended June 30, 2002, Series 34 recorded capital contribution releases of $14,486. Series 34 has outstanding contributions payable to the Operating Partnerships in the amount of $792,518 as of June 30, 2002. Of the amount outstanding, $654,702 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $137,816, will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 35

The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 25, 1999. The fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,147,034.

During the quarter ended June 30, 2002, Series 35 recorded capital contribution releases of $530,890. Series 35 has outstanding contributions payable in the amount of $1,185,347 as of June 30, 2002. Of the amount outstanding, $422,172 has been loaned to some of the Operating Partnerships. In addition, $10,855 has been funded into escrow accounts on behalf of other Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $763,175, will be released from the escrow accounts and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 36

The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,273,148.

During the quarter ended June 30, 2002, Series did not record any releases of capital contributions. Series 36 has outstanding contributions payable in the amount of $680,429 as of June 30, 2002. Of the amount outstanding, $657,999 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $22,430, will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 37

The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 1999. The fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,719,332.

During the quarter ended June 30, 2002, Series 37 did not record any releases of capital contributions. Series 37 has outstanding contributions payable in the amount of $2,165,429 as of June 30, 2002. Of the amount outstanding, $1,789,152 has been loaned or advanced to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $367,277, will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

 

 

Series 38

The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,609,448. In addition the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended June 30, 2002, Series 38 recorded capital contribution releases of $9,206. Series 38 has outstanding contributions payable in the amount of $1,227,737 as of June 30, 2002. The remaining contributions will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 39

The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492 as of June 30, 2002. In addition the Fund committed and used $192,987 of Series 39 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended June 30, 2002, Series 39 recorded capital contribution releases of $1,089,537. Series 39 has outstanding contributions
payable in the amount of $963,674 as of June 30, 2002. The remaining contributions will be released from available net offering proceeds and collections of notes receivable when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 40

The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,043,290 as of June 30, 2002. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended June 30, 2002, Series 40 recorded capital contribution releases of $762,577. Series 40 has outstanding contributions payable in the amount of $3,420,116 as of June 30, 2002. Of the amount outstanding, $1,466,182 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $1,935,934 will be released from available net offering proceeds and collections of notes receivable, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 41

The Fund commenced offering BACs in Series 41 on August 1, 2001. Offers and sales of BACs in Series 41 were completed on January 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 19 Operating Partnerships in the amount of $21,507,922. In addition, the Fund committed and used $195,249 of Series 40 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended June 30, 2002, Series 41 recorded capital contribution releases of $2,981,721. Series 41 has outstanding contributions payable in the amount of $4,522,744 as of June 30, 2002. Of the amount outstanding, $9,679,195 has been loaned to some of the Operating Partnerships. In addition, $470,389 has been funded into escrow accounts on behalf of other Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $5,156,451, will be released from the escrow accounts, collections of notes receivable and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 6 Operating Partnerships in the amount of $14,307,541.

During the quarter ended June 30, 2002, Series 42 recorded capital contribution releases of $4,924,487. Series 42 has outstanding contributions payable in the amount of $8,793,529 as of June 30, 2002. Of the amount outstanding, $76,389 has been funded into escrow accounts on behalf of one of the Operating Partnerships. The remaining contributions will be released from the escrow account, available net offering proceeds and additional net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Line of Credit

Boston Capital Tax Credit Fund IV LP and other Funds sponsored and offered by Boston Capital Services, Inc. have entered into a line of credit financing agreement with Fleet National Bank whereby they can collectively borrow up to $40 million for up to 180 days to meet short-term cash needs required for the investment in certain Operating Partnerships. Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line. The repayment of any draws is anticipated to be made once the Fund has received sufficient Investor proceeds. Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank. As of June 30, 2002 Boston Capital Tax Credit Fund IV LP had no amounts outstanding on the line of credit.

Results of Operations

As of June 30, 2002 and 2001 the Fund held limited partnership interests in 421 and 386 Operating Partnerships, respectively. In each instance the Apartment Complex owned by the applicable Operating Partnership is eligible for the Federal Housing Tax Credit. Initial occupancy of a unit in each Apartment Complex which complied with the Minimum Set-Aside Test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the Rent Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to hereinafter as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective Apartment Complexes are described more fully in the Prospectus or applicable report on Form 8-K. The General Partner believes that there is adequate casualty insurance on the properties.

The Fund's results of operations for future periods will vary significantly from those for the period ended June 30, 2002 as Series 40, Series 41 and Series 42 continue to use the funds raised to invest in partnership interests of additional Operating Partnerships, and the Fund continues to offer BACs in Series 43.

The variance in net loss per BAC for Series 32 through Series 40 of the Fund for the current three-month period to the prior three-month period is a result of a decrease in interest income and a variance in the losses from Operating Partnerships reported by each series. Interest income reported is expected to decrease for each series from year to year as limited partner contributions raised in the first year are expended on payments to Operating Partnerships in subsequent years. Losses reported from Operating Partnerships are expected to fluctuate until the series has fully invested in its Operating Partnerships and they achieve stabilized operations.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred for the quarter ended June 30, 2002 for Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40 and Series 41 were $89,186, $25,460, $60,774, $58,316, $42,232, $47,661, $103,457, $62,172, $66,921, $82,995, $45,841, $87,160, $73,026, $32,571, $73,298, $52,052, $34,146, $41,456, $24,234, $24,614, $37,345, $47,583 and $28,107, respectively.

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

Series 20

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 100%. The series had a total of 24 properties at June 30, 2002, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 20 reflects a net loss from Operating Partnerships of $486,780. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $247,641. This is an interim period estimate; it is not indicative of the final year end results.

Breeze Cove Limited Partnership (Breeze Cove Apartments) operates significantly below breakeven due to high debt, high operating expenses, low occupancy, and poor tenant rental collections. As of January 1, 2002, the property management company was replaced with Oakbrook Corporation. Tenant collections substantially improved during the first quarter and then fell off slightly during the second quarter due to a change in site managers. They are expected to be back on track in the third quarter. The management company's marketing plan includes newspaper advertising and improving relationships with local officials, churches, employers, and agencies that could provide tenant referrals. In addition, mini-models have been set up, flags have been installed around the signage and a resident referral program has been initiated. The new management company has improved the screening of new tenants and has processed evictions for those who were not paying and/or complying with the rules and regulations. Operati ng expenses were expected to increase in the first half of 2002, and did substantially during the first four months due to deferred maintenance related to the relatively large number of turnovers that have resulted from cleaning up tenancy. They began to decrease in May and June and by the end of the year should be at a normal level. Once the property is stabilized, there is expected to be a cost savings from the cost efficiencies associated with sharing personnel with other properties managed by Oakbrook Corporation in the Port Washington area. Operating expenses for 2001 declined by 10% versus 2000, however this was mostly due to deferral of bad debt expense to 2002. The Investment General Partner and the Operating General Partner, an affiliate of the Investment Limited Partner, continue to explore alternatives to restructuring the current debt and/ or refinance the first mortgage on the property. Negotiations were underway with the current lender by the end of the second quarter. If those negotiation s prove to be unsuccessful, the Investment General Partner is contemplating a Chapter 11 reorganization bankruptcy filing. The Operating General Partner and Investment General Partner have both contributed toward funding operating deficits as needed. The property is not expected to break even until the debt is restructured. Advances will be repaid without interest if proceeds from refinancing, cash flow or the sale of the property become available. The mortgage, property taxes, insurance, and accounts payable are current as of June 30, 2002.

Effective November 28, 2000, East Douglas Apartments Limited Partnership (East Douglas Apartments) retained Van Rooy Properties for property management. Several occupancy and financial issues have been addressed since the management agent change. The average occupancy through June 2002 was 95%. In the fourth quarter of 2001 the Operating Partnership petitioned HUD and IHDA to increase rents which had fallen below market level due to failures on the part of the previous property management company to secure annual rent increases. IHDA denied the request to increase rents and the Partnership is currently working on an appeal. East Douglas Apartments recently passed a compliance inspection by IHDA and there was some indication that IHDA may be more receptive to increasing rents in the near future. The Operating General Partner is currently negotiating a transfer of General Partner interest to the current management company. The management company will not accept the General Partner interest until ther e is a resolution to the rent increase appeal and the property can sustain breakeven operations. The mortgage, property taxes, insurance, and accounts payable are current as of June 30, 2002.

Series 21

As of the June 30, 2002 and 2001 the average Qualified Occupancy for the series was 100% and 99.9%, respectively. The series had a total of 14 properties at June 30, 2002, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 21 reflects a net loss from Operating Partnerships of $186,723. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $37,603. This is an interim period estimate; it is not indicative of the final year end results.

Series 21 reported a decrease in net loss per BAC in the current three-month period from the prior three-month period. The decrease is mainly a result of a decrease in the net losses from the Operating Partnerships. Due to issues related to Atlantic City Housing, the Series did not include its operations in the current three-month period. Limitations of the equity method of accounting would have suspended the losses associated with the Operating Partnership.

Atlantic City Housing Urban Renewal Associates L.P. (Atlantic City Apartments) continued to operate below breakeven for the second quarter of 2002. The Operating Partnership will continue to show deficits with respect to operational issues for the foreseeable future. As a result the Operating Partnership filed for protection under Chapter 11 of the Bankruptcy Code in June of 2001. The Operating General Partner is currently working to develop a restructuring plan that is acceptable to the court and major creditors. It is expected that the plan will be completed in the third quarter of 2002. The bankruptcy court has authorized a cash collateral account to ensure the payment of the property operating expenses. Occupancy for the second quarter of 2002 decreased to 83%. The City of Atlantic City has not approved nor will approve any further rental of the vacant units until safety code violations are addressed. The Operating General Partner is diligently working toward resolving these but has limited capi tal with which to complete the required repairs. It is expected that a local non-profit organization will assume the roll of General Partner and will oversee a million dollar renovation of the four building complex. The Fund would remain as the Investment Limited Partner. The non-profit has development experience and the ability to obtain low interest loans for capital improvements. The size and complexity of the transaction has slowed the ability to finalize the deal structure, however the Operating General Partner continues to work toward a resolution.

Centrum Fairfax LP (Forest Glen at Sully Station) experienced low occupancy in 2001, which resulted in negative cash flow. The average occupancy was 78% for 2001, however, by the end of the second quarter of 2002 physical occupancy increased to 83%. The property must operate at least 90% physical occupancy in order to sustain breakeven operations. Management anticipates 90% physical occupancy by October of 2002. Reasons for the low occupancy were attributable to personnel issues and lack of sales and occupancy focus. The property has addressed these issues by making several personnel changes and increasing the leasing and occupancy focus through additional promotion, lead follow-up, advertising, monthly appreciation events, family and resident referral programs, and improved signage and banners. The property is in excellent physical condition. The Operating General Partners have been funding operating deficits in accordance with the Partnership Agreement. The mortgage, taxes, insurance and payable s are current.

Series 22

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 100%. The series had a total of 29 properties at June 30, 2002, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 22 reflects a net loss from Operating Partnerships of $274,671. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $170,951. This is an interim period estimate; it is not indicative of the final year end results.

Series 23

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at June 30, 2002, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 23 reflects a net loss from Operating Partnerships of $248,908. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $197,999. This is an interim period estimate; it is not indicative of the final year end results.

Series 24

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 99.9%. The series had a total of 24 properties at June 30, 2002. Out of the total 23 were at 100% Qualified Occupancy.

For the three months being reported Series 24 reflects a net loss from Operating Partnerships of $225,147. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $190,040. This is an interim period estimate; it is not indicative of the final year end results.

Series 24 reported a decrease in net loss per BAC in the current three month period from the prior three month period. The decrease is mainly a result of the Series not recording operations for Los Lunas in the current three month period.

Los Lunas Apartments Limited (Hillridge Apartments) continues to suffer from low rents in the market, and excessive mortgage debt. As a result, the property has been operating below break-even. Due to negative cash flow, debt service payments fell behind and the New Mexico Mortgage Finance Authority (NMFA) issued a notice of default to the Operating General Partner. The Investment General Partner removed the Operating General Partner, as he was unable to effectively deal with the mortgage default. The mortgage lender placed the property in receivership in 2000 at which time Monarch Properties was appointed as the new managing agent without Investment Partnership consent. In December 1, 2000 the New Mexico Mortgage Finance Authority accelerated the mortgage for reason of non-payment. As a result of the mortgage acceleration the New Mexico Mortgage Finance Authority filed form 8823 with the Internal Revenue Service indicating certain instances of non-compliance with the IRS Section 42 code and regulations . Various debt restructure proposals made by the Investment General Partner during 2001 were rejected by NMFA/HUD. On November 2, 2001, the Investment General Partner made a proposal to restructure the debt through a negotiated plan of reorganization under chapter 11 of the United States Bankruptcy Code. The Investment General Partner requested NMFA's forbearance on foreclosure action in consideration of its proposal.

The proposal was subsequently rejected by the NMFA and on December 7, 2001, the court entered a Summary Judgement and Order of Foreclosure. A foreclosure sale was scheduled for January 11, 2002. Although, the Investment General Partner continued to negotiate with the NMFA and explore all possible options to avert foreclosure, the foreclosure sale was ultimately held and NMFA succeeded in taking back the property on January 11, 2002. The foreclosure would result in a recapture by the Internal Revenue Service of a portion of the credits previously taken, estimated to be in the amount of $.173 per BAC.

The Investment General Partner is in the midst of completing a rescission of the property in order to avoid recapture associated with the foreclosure, which occurred in January. The rescission (unforeclosure), which is anticipated to occur in August 2002, would be accomplished whereby a new Operating General Partner will step in and assume control of the property. As a result of the above actions, the property would be transferred to a new investment entity, future tax benefits after 2001, estimated to be $.081 per BAC, would flow to the new entity, recapture would be avoided, and the above mentioned form 8823 would be rescinded.

Elm Street Associates Limited Partnership (Elm Street Apartments) is located in Yonkers, New York. The neighborhood has been a difficult one in which to operate due in part to high crime. Almost all tenants have some public subsidy, making this a very management-intensive property. Poor tenancy has resulted in ongoing operating deficits. Management issues, including poor rent collections and deferred maintenance, continue to impact the property. Evergreen Management took over management of the property in October 1999, but they were not successful in sustaining improved operations. Evergreen was replaced by Apartment and Investment Management Company (AIMCO) on January 1, 2001.

Physical occupancy at the property, which dropped as low as 80% during March and April, rebounded to 94% in June, with the two remaining vacant units having pending leases by the end of July. The drop in occupancy was related to an effort to aggressively pursue delinquent rents and to evict non-paying tenants. AIMCO is addressing these issues, which have been longstanding problems, and appears to be on a path that will lead to a more stable and reliable tenancy.

Reporting of revenues during 2002 has been erratic due to bad debt expense relating to rents reported during 2001, as well as due to significant adjusting entries to the financial statements made as a result of the 2001 audit. Given the extraordinary entries mentioned above, economic occupancy for the year has averaged 92% through July. Collections have increased as occupancy has firmed. Physical occupancy has averaged 86% through June.

The Partnership Agreement requires the current Operating General Partner to fund up to $400,000 in operating deficits under its guaranty. According to the audited 2001 financial statement, the General Partner has funded approximately $315,000 under that guarantee.

Negotiations are in process with Westhab, Inc. on the possibility of assuming the Operating General Partner and property management roles at Elm Street, and with the first mortgage lender (CPC), on restructuring the first mortgage loan. The negotiations are interrelated, as CPC will only restructure the loan in the context of a change in the General Partner.

The Investment General Partner continues to work diligently on a mutually acceptable loan restructure that will both reduce the outstanding loan balance and result in a lower monthly loan payment that the property can sustain. As part of the overall debt restructure and partnership restructure negotiations, it is expected that the general partner will pay to the partnership the balance of his operating deficit guarantee, and amount equal to approximately $75,000.

North Hampton Place Limited Partnership (North Hampton Place), located in Columbia, Missouri, operated below breakeven during the second quarter of 2002. The main reason for its continuing cash expenditure is low occupancy, which averaged 64% for the quarter, and large debt service payments. The property has suffered from its location in rural Missouri, lying on the outskirts of Columbia and off of any public transportation routes. In addition, the property lies outside of the Columbia school district, further deterring possible tenants from moving to the property. Current management is marketing the property to possible tenants through newspapers, churches and civic groups. In addition, the management company is currently lobbying the Columbia County school board to include the property in its district. Management believes the occupancy issue will continue to be a problem unless the city eventually incorporates the property into its city limits. The property's mortgage, taxes and insurance were all cur rent as of June 30, 2002.

Series 25

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 99.9%. The series had a total of 22 properties at June 30, 2002. Out of the total 21 were at 100% Qualified Occupancy.

For the three months being reported Series 25 reflects a net loss from Operating Partnerships of $155,049. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $324,833. This is an interim period estimate; it is not indicative of the final year end results.

Series 25 reported a decrease in net loss per BAC in the current three month period from the prior three month period. The decrease is mainly a result of increased rental income reported by the Operating Partnerships, which reduced the total net loss from the Operating Partnerships.

Sutton Place Apartments, L.P. (Sutton Place Apartments) owns and operates a 360 unit complex in Indianapolis, Indiana. The property has operated with an average occupancy rate of 97% for the first six months of the year, compared to an average of 93% for the year ended December 31, 2001. Management believes that stability in the office staff and maintenance staff is resulting in continued high occupancy and continuing economic gains as well. Economic occupancy through June has been 95%.

The property suffers from high maintenance expenses as a result of tenant abuse and high unit turnover. The area continues to experience heavy crime, which has contributed to the unit turnover. On October 5, 2001, a triple murder occurred on the property. The General Partner has assessed the impact of the incident with the local police and the city commissioner to determine how to improve security. Since that time the property has hired uniformed, off duty police officers as security. The cost of the improved security is partly funded from grants received for crime prevention and other on-site programs. The Operating General Partner continues to fund operating deficits, and the Investment General Partner continues to monitor the property.

Series 26

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 100%. The series had a total of 45 properties at June 30, 2002, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 26 reflects a net loss from Operating Partnerships of $394,313. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $341,306. This is an interim period estimate; it is not indicative of the final year end results.

On October 18, 2000, A.V.A. Limited Partnership (Hanover Apartments), a property consisting of five buildings and forty units, sustained major fire damage. One building containing eight units was deemed uninhabitable due to the fire. There have been repairs to the units and currently three of the eight units are occupied. The remaining five units were previously inspected, but additional work was required. They are expected to be occupied by March 1, 2002. The property is insured for both repair costs and loss of rental income, and claims to repair the property and collect insurance proceeds for the lost income were submitted to the insurance company. Repair and replacement costs have been reimbursed to the property. The lost rental income was only reimbursed by the insurance company up to November 16, 2001 because that was the maximum amount the insurance policy would allow.

 

 

Series 27

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 100% and 99.6%, respectively. The series had a total of 16 properties at June 30, 2002, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 27 reflects a net loss from Operating Partnerships of $183,940. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $254,377. This is an interim period estimate; it is not indicative of the final year end results.

Centrum-Fairfax II Limited Partnership's (Forest Glen at Sulley Station Phase II) operations remained stable in the fourth quarter of 2001. The average annual physical occupancy was 93% in 2001. Centrum Management LLC, an affiliate of the Operating General Partner, and the management agent, continues to use various marketing and sales initiatives which has stabilized the physical occupancy. The Operating General Partners continue to fund operating deficits as required by the Amended and Restated Certificate and Agreement of Limited Partnership. The mortgage, real estate taxes, insurance and accounts payment are current.

Holly Heights Limited Partnership (Holly Heights Apartments) continues to incur operating deficits due to high tenant turnover. Occupancy further decrease to 70% in the second quarter of 2002 from 75% for the first quarter of 2002 and 90% for the fourth quarter of 2001. The local economy has steadily declined, and the transient residents are moving to find job opportunities. Management will continue to use rental concessions until occupancy has stabilized. In researching the occupancy issue it was brought to the Investment General Partner's attention that an audit by the state agency discovered issues of non-compliance. The Investment General Partner is diligently working to resolve all issues and will continue to closely monitor the property. The mortgage, taxes, and insurance are all current, but high payables continue to plague this property..

Series 28

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 100%. The series had a total of 26 properties at June 30, 2002, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 28 reflects a net loss from Operating Partnerships of $448,427. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $136,944. This is an interim period estimate; it is not indicative of the final year end results.

Series 29

As of June 30, 2002 and 2001 the average Qualified Occupancy for the Series was 100%. The series had a total of 22 properties at June 30, 2002 all of which were 100% Qualified Occupancy.

For the three months being reported Series 29 reflects a net loss from Operating Partnerships of $457,678. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $178,267. This is an interim period estimate; it is not indicative of the final year end results.

Series 30

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at June 30, 2002 all of which were at 100% Qualified Occupancy.

For the three months being reported Series 30 reflects a net loss from Operating Partnerships of $275,287. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $101,904. This is an interim period estimate; it is not indicative of the final year end results.

Series 31

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 100%. The series had a total of 27 properties at June 30, 2002 all of which were at 100% Qualified Occupancy.

For the three months being reported Series 31 reflects a net loss from Operating Partnerships of $494,973. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $378,042. This is an interim period estimate; it is not indicative of the final year end results.

Series 32

As of June 30, 2002 and 2001, the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties at June 30, 2002, all of which were at 100% Qualified Occupancy

For the three months being reported Series 32 reflects a net loss from Operating Partnerships of $403,392. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $236,021. This is an interim period estimate; it is not indicative of the final year end results.

FFLM Associates is an Operating Partnership that purchased the Investment Limited Partner interest in Carriage Pointe Investors, LP, Sayerville Housing Investors LP, and Woodhaven at South Brunswick LP in 1998. Carriage Pointe Investors, LP historically has suffered from negative cash flow, high accounts payables, and under-funded replacement reserves, in part due to the fact that the property only has 18 units. Several options were considered in recent months to improve the performance of the Partnership, including replacement of the Operating General Partner and refinancing the first mortgage. Neither of these options proved to be viable. The Operating General Partner continues to fund all operating deficits and the first mortgage lender is content to leave the loan in place. The property's operations in the first half of the year improved significantly over the prior year. Occupancy was 100% and there was modest positive cash flow; however, accounts payables remain high.  The Investment Gene ral Partner will continue to address open issues for Carriage Pointe with the Operating General Partners.

Martinsville I, Ltd. (Martinsville Apartments) is a 13-unit property located in Shelbyville, Kentucky. The property had positive cash flow for the second quarter of 2002 with an average occupancy of 95%. The Operating General Partner refuses to consider settling with plaintiffs in lawsuits regarding sub-contractor payment disputes. There has been no legal activity regarding these suits so far in 2002. The Operating General Partner has rebuffed attempts of the Investment General Partner to assist in settling the sub-contractor issues. IRS form 8609s have been received. So long as these matters are outstanding, the Operating General Partner personal guarantees remain in place.

 

Series 33

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 100% and 96%, respectively. The series had a total of 10 properties at June 30, 2002, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 33 reflects a net loss from Operating Partnerships of $231,504. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $87,250. This is an interim period estimate; it is not indicative of the final year end results.

FFLM Associates is an Operating Partnership which purchased the Investment Limited Partner interest in Carriage Pointe Investors, LP, Sayerville Housing Investors LP, and Woodhaven at South Brunswick LP in 1998. Carriage Pointe Investors, LP historically has suffered from negative cash flow, high payables, and under-funded replacement reserves, in part due to the fact that it only has 18 units. Several options were considered in recent months to improve the performance of the Partnership, including replacement of the Operating General Partner and refinancing the first mortgage. Neither of these options proved to be viable. The Operating General Partner continues to fund all operating deficits and the first mortgage lender is content to leave the loan in place. The property's first half operations significantly improved over the prior year. The property occupancy was 100% and there was marginal positive cash flow; however, payables remain high.  The Investment General Partner will continue to ad dress open issues for Carriage Pointe with the Operating General Partners.

Series 34

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at June 30, 2002, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 34 reflects a net loss from Operating Partnerships of $317,525. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $243,174. This is an interim period estimate; it is not indicative of the final year end results.

Series 35

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 97% and 97.8%, respectively. The series had a total of 11 properties at June 30, 2002. Out of the total 10 were at 100% Qualified Occupancy. The series also had 1 property with multiple buildings, some of which were in lease-up and some of which were under construction at June 30, 2002.

For the three months being reported Series 35 reflects a net loss from Operating Partnerships of $268,248. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss from operations of $90,485. This is an interim period estimate; it is not indicative of the final year end results.

Series 36

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at June 30, 2002, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 36 reflects a net loss from Operating Partnerships of $168,906. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $76,883. This is an interim period estimate; it is not indicative of the final year end results.

Annadale Housing Partners (Annadale Apartments) has historically reported net losses due to operational issues associated with the property.  As a result of efforts by the management company operations have improved significantly. Rental increases combined with improved collections, increased rental revenues by $99,860 (11.3%) in 2001. This combined with stabilized operating expenses allowed the property to operate above breakeven. This positive trend has continued into the second quarter of 2002, with net rental income exceeding budgeted projections. Occupancy remains stable at 89% through the second quarter of 2002. In accordance with the loan agreements, the property continues to fund capital improvements from operations. A welfare tax exemption was approved in 2001, and the Partnership received a refund of $29,982 in January 2002. If operations continue to demonstrate improvement, the Investment General Partner will no longer continue to report on this Partnership.

 

Series 37

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 94,9% and 91.8%, respectively. The series had a total of 7 properties at June 30, 2002. Out of the total 5 were at 100% Qualified Occupancy and one was under construction. The series also had 1 property with multiple buildings, some of which were in lease-up and some of which were under construction at June 30, 2002

For the three months being reported Series 37 reflects a net loss from Operating Partnerships of $116,443. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $211,648. This is an interim period estimate; it is not indicative of the final year end results.

Series 38

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 97.3% and 85.0%, respectively. The series had a total of 10 properties at June 30, 2002. Out of the total 8 were at 100% Qualified Occupancy and 2 were in active lease-up.

For the three months being reported Series 38 reflects a net loss from Operating Partnerships of $153,412. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $70,431. This is an interim period estimate; it is not indicative of the final year end results.

Series 39

As of June 30, 2002 and 2001 the average Qualified Occupancy for the series was 93.9% and 64.9% respectively. The series had a total of 9 properties at June 30, 2002. Out of the total 6 were at 100% Qualified Occupancy and 3 were in active lease-up.

For the three months being reported Series 39 reflects a net loss from Operating Partnerships of $217,618. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss from operations of $15,281. This is an interim period estimate; it is not indicative of the final year end results.

Series 40

As of June 30, 2002 the average Qualified Occupancy for the series was 95.6% and 54.2%, respectively. The series had a total of 16 properties at June 30, 2002. Out of the total 12 were at 100% Qualified Occupancy and 3 were active lease-up. The Series also had 1 property that was still under construction at June 30, 2002.

For the three months being reported Series 40 reflects a net loss from Operating Partnerships of $287,790. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss from operations of $32,057. This is an interim period estimate; it is not indicative of the final year end results.

Series 41

As of June 30, 2002 the average qualified occupancy for the series was 94.0%. The series had a total of 19 properties at June 30, 2002. Out of the total 12 were at 100% Qualified Occupancy and 2 were in active lease-up. The Series also had 5 properties that were still under construction at June 30, 2002. Since all of the properties were acquired after June 30, 2001, there is no comparative information to report.

For the three months being reported Series 41 reflects a net loss from Operating Partnerships of $102,266. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a positive operations of $10,474. This is an interim period estimate; it is not indicitive of the final year end results.

Series 42

Series 42 had a total of 6 properties at June 30, 2002, all of which were still under construction. Since all of the properties were acquired after June 30, 2002, there is no comparative information to report.

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings
   
 

None
   

Item 2.

Changes in Securities
   
 

None
   

Item 3.

Defaults upon Senior Securities
   
 

None
   

Item 4.

Submission of Matters to a Vote of Security 
Holders
   
 

None
   

Item 5.

Other Information
   
 

None
   

Item 6.

Exhibits and Reports on Form 8-K
   
 

(a)Exhibits
   
   

99 (a) Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein
     
   

99 (b) Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein
   
 

(b)Reports on Form 8-K
   
   

None

 

 

 

 

 

 

 

 

SIGNATURES

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

Boston Capital Tax Credit Fund IV L.P.  

 

By:

Boston Capital Associates IV L.P.

General Partner
   
 
 

By:

BCA Associates Limited Partnership

General Partner

 

By:

C&M Management, Inc.

General Partner
     

Date: August 20, 2002

  

By:

/s/ John. P. Manning

John P. Manning